MOUNTLAKE TERRACE, WA – MILA, Inc., the e-commerce mortgage provider also doing business as Mortgage Investment Lending Associates, now offers a second line of products called APEX, designed for borrowers who have higher FICO scores and are looking for a better rate. APEX products include full, stated, no doc, and no ratio loan programs and jumbo loans with a maximum of $1,000,000.
“With the addition of the APEX product family, brokers can now make MILA their lender of choice for both the type of borrower we have historically serviced (non-prime) and the borrower with a higher credit score looking for a lower rate,” stated CEO Layne Sapp. “Both our product families are built into our AccessPoint/DecisionPoint system so Brokers will receive the same quick turn around time and high service standards no matter which product family they choose.”
APEX joins MILA’s core product family, Latitude, which includes first mortgage products and combo loans with a maximum loan amount of $750,000. The following is a side by side comparison of these two options.
Latitude |
|
APEX |
Program Features |
|
Program Features |
|
|
|
Low rates |
|
Lower rates |
No reserves |
|
2 months reserves |
Seller contributions up to 6% |
|
Seller contributions up to 5% |
|
|
|
Program Guidelines |
|
Program Guidelines |
|
|
|
500 minimum FICO score |
|
625 minimum FICO score |
1 day discharged Chapter 7 & 13 |
|
3 year min bankruptcy discharge Chapter 7 & 13 |
Seller subordinates financing |
|
No seller subordinate financing |
Full and stated doc types only |
|
Full, stated, no doc, and no ratio doc types |
Non-owner occupied to 95% LTV |
|
Non-owner occupied to 90% LTV |
About MILA, Inc.
MILA, Inc. is one of the fastest-growing e-commerce mortgage solutions providers in the nation currently serving the wholesale residential market in 26 states with a broad range of alternative mortgage lending products. Financial strength, management stability, and proprietary, cutting-edge technology give MILA the ability to meet the challenges of the ever-changing mortgage lending market and to anticipate market trends.
|
Press Releases 