MOUNTLAKE TERRACE, WA – MILA, Inc., the e-commerce mortgage provider also doing business as Mortgage Investment Lending Associates, today announced the addition of a Pay Option ARM to its diverse portfolio of residential loan products. The Pay Option ARM joins the recently released APEX family of products, which includes full, no doc, no ratio and jumbo loan programs for borrowers who fall between prime and non-prime categories.
The Pay Option ARM has been integrated into MILA’s AccessPoint loan fulfillment and process management platform and can be selected in the system’s side-by-side comparison menu in the “Choose Program” step.
The Pay Option ARM is the newest product in MILA’s rapidly expanding product line.
“MILA is working to create a full spectrum of mortgage products to service every type of borrower. Our goal is to develop and integrate this expanded product line into our leading-edge technology, creating a full service one-stop shop for brokers,” stated CEO Layne Sapp. “With the addition of the Pay Option ARM, we are one step closer to this goal.”
The company plans to launch several additional new products and technology enhancements by the end of 2005.
MILA’s Pay Option Highlights
Terms for MILA’s Pay Option ARM option can be found in all state specific rate sheets. Highlights of the product include:
- Loan amounts to $1.5 M
- Full Doc and Stated Income
- Owner and Non Owner occupied properties
- FICO scores as low as 625
- Up to 90% LTV/CLTV
- Purchase Money and Refi
For more information on MILA’s Pay Option ARM, visit the “Today’s Rates” section of www.mila.com. In addition to rate sheets and terms, brokers can access a Pay Option ARM worksheet, enabling them to work online with borrowers to calculate payments, and a customizable flyer to help brokers market the product to their borrowers.
About MILA, Inc.
MILA, Inc., one of 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. 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 and technology strategies give MILA the ability to meet the challenges of the ever-changing mortgage lending markets and to anticipate market trends. |
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