Newsroom

05/06/2004
MILA, INC. ADDS SIX MONTH LIBOR ARM OPTION TO LENDING PORTFOLIO

Mountlake Terrace, WA – MILA, Inc., the wholesale non-prime lender also doing business as Mortgage Investment Lending Associates, today announced the addition of its six month London Inter Bank Offering Rates (LIBOR) adjustable rate mortgage (ARM) option to its current portfolio of residential loan products. This option, designed for first mortgages, has been integrated into MILA’s existing loan products including first mortgages, combo and jumbo loans, and is accessible through DecisionPoint, MILA’s instant automated underwriting system.

Terms for MILA’s LIBOR ARM option can be found in the following sections of MILA’s rate sheets; rate adjustments, loan to value (LTV) adjustments, combined loan to value (CLTV) adjustments, rebate pricing, rate buy downs and the prepay penalty box. Rates and payments for this option will adjust every six months with a maximum one percent periodic adjustment, not to exceed the fully indexed rate. The maximum lifetime adjustment stands at seven percent.
“MILA’s LIBOR ARM option helps MILA solidify its robust product mix,” said Layne Sapp, MILA CEO. “MILA continues to provide brokers with a variety of lower rate, flexible payment programs to help them qualify more borrowers.”
MILA’s LIBOR ARM highlights include:

• Prepay states only (not eligible in Iowa, Illinois, Kansas, Utah and Wisconsin)
• Available for first mortgages only
• Fully amortized loans (No interest only loans)
• Owner, non-owner or second homes
• Minimum 560 FICO score
• Start rates are calculated by reducing the 2/28 ARM by 150 basis points (1.5 percent)

About MILA, Inc.
MILA, Inc., one of fastest growing mortgage companies in the nation, offers a broad range of alternative mortgage-lending products in 26 states. The company’s commitment to borrowers has enabled MILA to rank among the top wholesale lenders in the country for more than 15 years. Stability, financial strength and the successful implementation of business strategies give MILA the ability to meet the challenges of the ever-changing mortgage lending markets and to anticipate market trends.
With substantial investments in evolving technology, MILA maintains solid, strategic relationships through services and support that our business partners can rely on. Using MILA’s AccessPoint, approved brokers and correspondents are able to quickly and easily track the movement of loans 24-hours a day.

Contact: Michelle Homes
Michelle.Homes@mila.com
425.275.0800