Collateral Mortgage is a Fannie Mae Delegated Underwriting and Services lender and a Program Plus lender for Freddie Mac. "The association with Collateral Mortgage will confine itself to DUS and Program Plus financing," says Richard Koch, senior vice-president of MRG.
"Since only certain delegated originators can deal directly with Fannie Mae and Freddie Mac, many companies like ours have been shut out of this profitable market," Koch continues. "With our new correspondent relationship with Collateral Mortgage, we no longer need to charge an extra fee--something independents have found difficult to obtain.
"Fannie Mae DUS lenders have the authority to approve up to $20 million without pre-review, helping borrowers finance all types and sizes of multifamily properties," he adds. "In addition, one of the newest and best features of the DUS program is its ability to secure a second mortgage from Fannie Mae after the first year--something most other lenders prohibit. Thus, it is often the best source for existing properties from $1 million to $25 million."
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