Newsroom

08/26/2004
MILA, INC. ADDS TEXAS CASH-OUT REFINANCE OPTION TO LENDING PORTFOLIO

Mountlake Terrace, WA – MILA, Inc. (Mortgage Investment Lending Associates), today announced the addition of its Texas Owner-Occupied Cash-Out Refinance option to its current portfolio of residential loan products. This option, designed for borrowers in Texas has been integrated into MILA’s existing loan products including ARMs and fixed loans and is accessible through DecisionPoint, MILA’s instant automated underwriting system.

Terms for MILA’s Texas Owner-Occupied Cash-Out Refinance 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, loan discounts, yield spread premiums (YSP) and rate buy downs.

“As we strive to meet the needs of our brokers and borrowers, the Texas Cash-Out option is one of many choices in MILA’s portfolio that Texas brokers have to choose from,” said Layne Sapp, MILA CEO. “This option is competitively priced and is expected to do very well in the marketplace.”

MILA continues to enhance its cutting-edge technology as it prepares for future growth. In 2004, MILA launched Broker University, a training program designed to teach brokers how to get the most out of MILA’s streamlined loan process. Once brokers complete this course, closing an Alt-A or non-conforming loan is as easy as closing “A” paper. MILA also plans to release an enhanced version of AccessPoint later this year.

MILA offers a broad range of alternative mortgage-lending products in 26 states and is one of the fastest growing mortgage lenders in the nation. In addition to helping brokers manage their loans, MILA’s technology provides brokers with a fast, consistent loan experience every time.

About MILA, Inc.
MILA, Inc. is a wholesale residential mortgage lender serving the non-prime market in 26 states nationwide. Their vision is to revolutionize the mortgage experience by creating a streamlined loan process that delivers a closed loan within four hours.

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