Mountlake Terrace, WA – MILA, Inc.,
the wholesale mortgage banking company, today announced additional
exceptions to its credit policy. All exceptions are built into DecisionPoint,
MILA’s instant automated underwriting system, and available to
brokers as needed.
New exception policy highlights include:
- 55 percent debt ratio to
100 percent loan to value (LTV)
- $1500 total household income to
40 percent debt ratio
- Less than 1 year 2nd job (min 6 months 2nd
job)
- Rent free borrowers to 100 percent LTV (Full Doc and Stated
Income)
- Condos with less than 8 units (min 5 units)
“Based on our internal research and at the request of our brokers,
there were certain exceptions that were reoccurring. We listened to
our
broker concerns and adjusted our exception criteria based on their needs. With
the addition of these exceptions, brokers will now be able to receive
an upfront decision on their loan files,” said Layne Sapp,
MILA CEO. “This will enable brokers to close loans faster
than before and help MILA move toward its vision of the four-hour
loan.”
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., one of fastest growing mortgage companies in the nation
offers a broad range of alternative mortgage-lending products in
26 states. MILA recently was awarded Customer Service of the Year
by the Better Business Bureau for “outstanding commitment to
exceptional customer service standards in relation to our customers,
employees and surrounding community.” 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. |
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