On a weekly basis, Fannie Mae has the option to auction three-, six-month, and one-year Benchmark Bills. The size and types of weekly Benchmark Bills offerings, if any, will be announced on a Monday morning, or if Monday is a holiday, the previous business day. Auctions of Benchmark Bills generally will be open for bidding on Wednesdays between 9:00 a.m. and 9:45 a.m. eastern time.

The 2010 Benchmark Securities Calendar also identifies at least one calendar date per month for a Benchmark Notes announcement. On each scheduled announcement date Fannie Mae will either announce the maturity date of the Benchmark Notes offering and the dealer syndicate or announce that it will not be making a Benchmark Notes offering. Benchmark Notes offerings are expected to price within a few business days of the announcement date.

Fannie Mae may forego any scheduled Benchmark Bills or Benchmark Notes issuance. If Fannie Mae elects not to issue any Benchmark Securities, a notice of this election will be provided.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.

“It is clear the refinance boom in the first quarter of 2009 contributed greatly to an increase in overall production volumes, allowing production operating expenses per loan to finally drop” said Marina Walsh, MBA’s Associate Vice President of Industry Analysis. “The average share of refinancings to total originations for these companies jumped to 66 percent in the first quarter, from 42 percent in the previous quarter. As a result, the average production volume for each firm was $213.9 million in the first quarter of 2009 compared to $125.6 million in the fourth quarter of 2008.?????

Among the principal findings of the MBA report are:

- 85 percent of the firms in the study posted pre-tax net financial profits in the first quarter 2009. In the fourth quarter 2008, only 53 percent of the companies posted profits.

- Mortgage banking production profits were 54.58 basis points, or $1,088 per loan. These profits show a significant improvement over the previous quarter in which profits averaged 7.10 basis points, or $148 per loan.

- The “net cost to originate” fell to $1,725 per loan in the first quarter 2009, compared to $2,324 per loan in the fourth quarter 2008. The “net cost to originate” includes all production operating expenses and commissions minus all fee income, but excludes secondary marketing gains, capitalized servicing, servicing released premiums and warehouse interest spread.

- Production operating expenses commissions, compensation, occupancy and equipment, and other production expenses and corporate allocations dropped to $3,738 per loan in the first quarter 2009, compared to $4,810 per loan in the fourth quarter 2008.

- The average number of retail loans originated per retail sales employee rose to 10.4 loans per month in the first quarter 2009, from 5.3 loans per month in the fourth quarter 2008.

- Net warehousing income, which represents the net interest spread between the mortgage rate on a loan and the interest paid on a warehouse line of credit, continued to pose a challenge for the mortgage bankers in this study. Interest spread dropped to 6.60 basis points in the first quarter 2009, compared to 9.28 basis points in the fourth quarter 2008.

- The servicing shops of these independent mortgage companies and subsidiaries essentially broke even in the first quarter 2009 with net financial losses of $1 per loan serviced. Quarter-by-quarter net operating servicing income (servicing fees, net escrow earnings and ancillary income less direct and indirect expenses) remained at $165 per loan. The direct cost to service averaged $163 per loan.

MBA’s Annual Mortgage Bankers Performance Report replaces the former MBA Cost Study series. The report offers a variety of performance measures on the mortgage banking industry and is intended as a financial and operational benchmark for independent mortgage companies, bank subsidiaries and other non-depository institutions. Seventy-one percent of the 319 companies that reported production data for this report were independent companies.

The underlying company data are derived from the quarterly Mortgage Bankers Financial Reporting “WebMB” Form. Through a joint agreement with the Mortgage Bankers Association, Fannie Mae, Freddie Mac and Ginnie Mae, the form and the definitions were recently revised. The revised form was used starting in the third quarter of 2008.

Moving forward, there will be five performance report publications per year: four quarterly reports and one annual report.

This is just one of several proposals the Obama Administration is considering as it comes to terms with the dire need to prevent further waves of foreclosures amid a deepening recession. There were foreclosure filings on 274,399 U.S. properties in January, down 10% from December but 18% higher than a year ago, according to RealtyTrac, a foreclosure research firm. In December, the Mortgage Bankers Assn. said that a record 1 in 10 U.S. families with a mortgage are either in arrears or having their house repossessed.

Banks and other mortgage servicers have being doing loan modifications under an Federal Deposit Insurance Corp. program since the first quarter of 2008, but many have failed to benefit from a cookie-cutter approach that’s paid insufficient attention to the financial condition of individual homeowners. And these “mods” haven’t addressed the need for a wholesale cleaning out of some of the most toxic loans, those collected in securitized pools and sold piecemeal to vast numbers of investors. The problem is that there is no flexibility to modify the terms of individual mortgages in most of the Pooling and Servicing Agreements, or PSAs, that govern these mortgage pools.

Employment is Key

At the Feb. 11 meeting with Geithner and Donovan, John Taylor, president and chief executive of National Community Reinvestment Coalition (NCRC), made the case for loan modifications on a large scale through the Homeowners Emergency Loan Program. This would allow the Treasury to buy distressed loans at big discounts, essentially equivalent to current market value, from the securitized pools. The government would only buy loans of borrowers who still have jobs, but the loans wouldn’t necessarily have to be delinquent. For example, they could be loans whose monthly payments are eating up more that 50% of a homeowner’s monthly income and therefore are at risk of future default.

“That creates the leeway for the government to buy these without any subsidies,” says Taylor. That wouldn’t even require much taxpayer money from the Troubled Assets Relief Program (TARP) if the government could turn around and sell the loans to banks that have received TARP funds, such as Wells Fargo (WFC) and Citigroup (C).

Citigroup declined to comment on whether it would be willing to buy loans from the government and modify and service them. The bank, along with JPMorgan Chase, did formally announce on Feb. 13 a moratorium on foreclosures through Mar. 12 in order to allow time for the Obama Administration to develop a plan to provide relief to struggling homeowners. Those plans are expected to be released by the end of February. Wells Fargo and Bank of America (BAC), didn’t respond in time for this story to be filed.

Looking to Fannie and Freddie

Banks which end up buying the loans from the government would refinance them and either keep them in their own portfolios, or sell them to Fannie Mae and Freddie Mac to be re-securitized, Taylor adds. “Fannie and Freddie could show the investment community the way back home to trust mortgage-backed securities again,” says Taylor. “When we can show that the American system of finance has returned to some responsible, ethical practices, I think the market will follow.”

Mortgage loan servicers such as Selene Finance and Ocwen Financial (OCN) agree that the only real solution to the mortgage mess and, by extension, the entire financial crisis is to remove toxic loans from the pools and allow banks and other servicers to do modifications in line with what the homeowners can afford.

Not so fast, say MBS investors such as William Frey, chief executive of Greenwich Financial. Greenwich filed a lawsuit in December against Bank of America in New York State Supreme Court, charging that the proposed modification of roughly 400,000 loans originated by Countrywide Financial, which BofA acquired in July 2008, was illegal. Frey says he can afford to pursue the lawsuit only if the court approves all 374 trust contracts the instruments through which investors hold MBS as a class action. He has said that any loans the government wants to modify that are trapped in securitizations will have to be bought at par, even though that’s not equitable given the much lower fair market values of many loans. Otherwise, it will take a long time for investors to trust mortgage contracts again.

Hard to Track Down MBS Investors

Taylor at NCRC and others argue that even at 70 on the dollar, the investors in securitized mortgage trusts would be getting more for these loans than the 50 and less on the dollar at which some recent sales have been done. But Frey counters that because losses are allocated to the bottom classes of investors when the loss is finalized after the sale of the loans, the sooner losses are determined, the sooner the lower rungs of investors stop getting paid. “This whole morass is actually working to the benefit of some classes. If [servicers] were to expedite the losses, they’d expedite crystallization of losses,” he says. Then servicers would run a greater risk of being sued by those investors, he adds.

Safe harbor legislation that would protect servicers from lawsuits came up in hearings on the Hope for Homeowners bill that was being marked up in the House Financial Services Committee in early February, says Allan Krinsman, a partner at law firm Stroock & Stroock. “[Committee chairman Representative] Barney Frank (D-Mass.) understands this issue and has indicated he’s willing to give servicers relief. Now it’s about convincing the rest of the committee to put it into the legislation,” he says.

It’s not that easy to track down individual MBS investors, many of whom hold shares in these securities through their brokerage accounts, in a timely manner, according to Gary Silverstein, a partner in the tax department at Cadwalader Wickersham & Taft LLP. And while some investors may be willing to approve the sales, “there could be some investors who will withhold their consent to renegotiate a better deal or just out of spite perhaps,” he says.

Financial Accounting Modifications Necessary

Karen Bellezza, who heads Selene Finance, which has been modifying non-securitized home loans since 2007, says the talk in the industry is that trustees aren’t reaching out to investors to get their consent for loan mods, partly because they don’t even know who to contact.

She says she’s convinced that removing these loans from the securitized pools is the only way to get control over them.

Paul Koches, general counsel at Ocwen Financial, believes the key to allowing the government to buy whole loans from the trusts that hold them before they default lies in amending Financial Accounting Standard 140 (FAS 140), which doesn’t permit the outright sale of loans pre-foreclosure out of those trusts. “If that could be re-characterized as a loan servicer activity, it would arguably pass muster under FAS 140 and satisfy the purchase of whole loans” before they default, he says. He thinks that clear guidance on that point “would be a silver bullet” to start the cleanup of the financial crisis.

Making that all the more important is data from the Federal Housing Finance Administration (FHFA) showing that although just 16% of the 55 million outstanding mortgages in this country are in private label securitized trusts, those mortgages account for about 62% of the delinquencies, adds Koches.

Motivated to Get the Market Running

Not every single securitization will demand investor consent, but even the ones that don’t may require a nod from ratings agencies, which might not be able to act fast enough to approve any amendments to documentation governing the securitized pools of mortgages, says Silverstein at Cadwalader.

The American Securitization Forum, a unit of the Securities Industry & Financial Management Assn. that represents MBS servicers and investors, has publicly supported the idea of government purchases of loans from private-label securities since November 2008.

Given that most people in the securitization industry are suffering, they’re as motivated as anyone else to get the market running again, says Silverstein at Cadwalader. But they’re resistant to aggressive proposals, such as one that didn’t make it into the stimulus bill, that threaten to rescind tax-free status from any trusts that fail to agree to any changes the government may ultimately require, he adds.

This is just one of several proposals the Obama Administration is considering as it comes to terms with the dire need to prevent further waves of foreclosures amid a deepening recession. There were foreclosure filings on 274,399 U.S. properties in January, down 10% from December but 18% higher than a year ago, according to RealtyTrac, a foreclosure research firm. In December, the Mortgage Bankers Assn. said that a record 1 in 10 U.S. families with a mortgage are either in arrears or having their house repossessed.

Banks and other mortgage servicers have being doing loan modifications under an Federal Deposit Insurance Corp. program since the first quarter of 2008, but many have failed to benefit from a cookie-cutter approach that’s paid insufficient attention to the financial condition of individual homeowners. And these “mods” haven’t addressed the need for a wholesale cleaning out of some of the most toxic loans, those collected in securitized pools and sold piecemeal to vast numbers of investors. The problem is that there is no flexibility to modify the terms of individual mortgages in most of the Pooling and Servicing Agreements, or PSAs, that govern these mortgage pools.
Employment is Key

At the Feb. 11 meeting with Geithner and Donovan, John Taylor, president and chief executive of National Community Reinvestment Coalition (NCRC), made the case for loan modifications on a large scale through the Homeowners Emergency Loan Program. This would allow the Treasury to buy distressed loans at big discounts, essentially equivalent to current market value, from the securitized pools. The government would only buy loans of borrowers who still have jobs, but the loans wouldn’t necessarily have to be delinquent. For example, they could be loans whose monthly payments are eating up more that 50% of a homeowner’s monthly income and therefore are at risk of future default.

“That creates the leeway for the government to buy these without any subsidies,” says Taylor. That wouldn’t even require much taxpayer money from the Troubled Assets Relief Program (TARP) if the government could turn around and sell the loans to banks that have received TARP funds, such as Wells Fargo (WFC) and Citigroup (C).

Citigroup declined to comment on whether it would be willing to buy loans from the government and modify and service them. The bank, along with JPMorgan Chase, did formally announce on Feb. 13 a moratorium on foreclosures through Mar. 12 in order to allow time for the Obama Administration to develop a plan to provide relief to struggling homeowners. Those plans are expected to be released by the end of February. Wells Fargo and Bank of America (BAC), didn’t respond in time for this story to be filed.

Looking to Fannie and Freddie

Banks which end up buying the loans from the government would refinance them and either keep them in their own portfolios, or sell them to Fannie Mae and Freddie Mac to be re-securitized, Taylor adds. “Fannie and Freddie could show the investment community the way back home to trust mortgage-backed securities again,” says Taylor. “When we can show that the American system of finance has returned to some responsible, ethical practices, I think the market will follow.”

Mortgage loan servicers such as Selene Finance and Ocwen Financial (OCN) agree that the only real solution to the mortgage mess – and, by extension, the entire financial crisis is to remove toxic loans from the pools and allow banks and other servicers to do modifications in line with what the homeowners can afford.

Not so fast, say MBS investors such as William Frey, chief executive of Greenwich Financial. Greenwich filed a lawsuit in December against Bank of America in New York State Supreme Court, charging that the proposed modification of roughly 400,000 loans originated by Countrywide Financial, which BofA acquired in July 2008, was illegal. Frey says he can afford to pursue the lawsuit only if the court approves all 374 trust contracts the instruments through which investors hold MBS – as a class action. He has said that any loans the government wants to modify that are trapped in securitizations will have to be bought at par, even though that’s not equitable given the much lower fair market values of many loans. Otherwise, it will take a long time for investors to trust mortgage contracts again.
Hard to Track Down MBS Investors

Taylor at NCRC and others argue that even at 70?? on the dollar, the investors in securitized mortgage trusts would be getting more for these loans than the 50?? and less on the dollar at which some recent sales have been done. But Frey counters that because losses are allocated to the bottom classes of investors when the loss is finalized after the sale of the loans, the sooner losses are determined, the sooner the lower rungs of investors stop getting paid. “This whole morass is actually working to the benefit of some classes. If [servicers] were to expedite the losses, they’d expedite crystallization of losses,” he says. Then servicers would run a greater risk of being sued by those investors, he adds.

Safe harbor legislation that would protect servicers from lawsuits came up in hearings on the Hope for Homeowners bill that was being marked up in the House Financial Services Committee in early February, says Allan Krinsman, a partner at law firm Stroock & Stroock. “[Committee chairman Representative] Barney Frank (D-Mass.) understands this issue and has indicated he’s willing to give servicers relief. Now it’s about convincing the rest of the committee to put it into the legislation,” he says.

It’s not that easy to track down individual MBS investors, many of whom hold shares in these securities through their brokerage accounts, in a timely manner, according to Gary Silverstein, a partner in the tax department at Cadwalader Wickersham & Taft LLP. And while some investors may be willing to approve the sales, “there could be some investors who will withhold their consent to renegotiate a better deal or just out of spite perhaps,” he says.
Financial Accounting Modifications Necessary

Karen Bellezza, who heads Selene Finance, which has been modifying non-securitized home loans since 2007, says the talk in the industry is that trustees aren’t reaching out to investors to get their consent for loan mods, partly because they don’t even know who to contact.

She says she’s convinced that removing these loans from the securitized pools is the only way to get control over them.

Paul Koches, general counsel at Ocwen Financial, believes the key to allowing the government to buy whole loans from the trusts that hold them before they default lies in amending Financial Accounting Standard 140 (FAS 140), which doesn’t permit the outright sale of loans pre-foreclosure out of those trusts. “If that could be re-characterized as a loan servicer activity, it would arguably pass muster under FAS 140 and satisfy the purchase of whole loans” before they default, he says. He thinks that clear guidance on that point “would be a silver bullet” to start the cleanup of the financial crisis.

Making that all the more important is data from the Federal Housing Finance Administration (FHFA) showing that although just 16% of the 55 million outstanding mortgages in this country are in private label securitized trusts, those mortgages account for about 62% of the delinquencies, adds Koches.
Motivated to Get the Market Running

Not every single securitization will demand investor consent, but even the ones that don’t may require a nod from ratings agencies, which might not be able to act fast enough to approve any amendments to documentation governing the securitized pools of mortgages, says Silverstein at Cadwalader.

The American Securitization Forum, a unit of the Securities Industry & Financial Management Assn. that represents MBS servicers and investors, has publicly supported the idea of government purchases of loans from private-label securities since November 2008.

Given that most people in the securitization industry are suffering, they’re as motivated as anyone else to get the market running again, says Silverstein at Cadwalader. But they’re resistant to aggressive proposals, such as one that didn’t make it into the stimulus bill, that threaten to rescind tax-free status from any trusts that fail to agree to any changes the government may ultimately require, he adds.
Other Avenues of Relief

There are other proposed plans by the Treasury and the Federal Reserve in the offing that are intended to provide relief to struggling homeowners, including subsidies for mortgage payments. “We need a concrete program with some real rules and structure around it so the industry can move on,” says Bellezza at Selene.

Thank you for your interest in Benchmark Mortgage’s Home Loans and Benchmark Lending Programs.

A full-service Mortgage Banker and Lending as well as Broker, Benchmark was founded in 1999 as an affiliation of mortgage professionals. We’re Dallas-based and support almost 400 branches nationwide. We are licensed in 45 states, have applications pending approval in 3 states and are in the application process with the final 2 states. We anticipate licensure in all 51 jurisdictions soon. We maintain an excellent reputation for closing loans in a timely and professional manner. Our company is founded on customer centricity and service that exceeds the expectations of our valued Branch Partners and their clients. We are growing rapidly and desire to become the premier branch provider in America.

Our portfolio of Benchmark lending products is wide-ranging. As large, full-service Mortgage Bankers, we have a warehouse capacity of $130 million monthly which we can double as required. This allows Benchmark to fund deals other brokers cannot entertain. And we typically offer lower pricing than can be obtained by borrowers going directly to these lenders. In addition to our direct lending we are approved with 200+ other banks and investors. We have direct access to all FNMA, FHMA, HUD and VA programs. Indeed, Benchmark is a “Full Eagle” Title II Non-Supervised FHA lender and a VA LAPP approved lender. We offer popular OptionARM’s on our in-house banked line, featuring 1.50% start rates on loans up to $6 million. We also fund super Jumbo’s and a variety of subprime loans including 100% loans to a 580 credit score with no MI and 95% LTV loans with no documentation. We’re experts with Purchases, Refi’s, One-Time Close Construction Loans, Home Improvement loans, 2nds, Investment Property loans, Debt Consolidation loans, Stated Income Lending and Damaged Credit loans.

Back in March, the MBA adjusted its view for expected lower interest rates from the Fed’s monetary policy, as well as a government program called HARP meant to to spur mortgage borrowing, and came out with a fresh forecast for home mortgage originations for 2009, up to $2.7 trillion from $1.9 trillion.

As I mentioned on June 15, to keep a lid on interest rates, the Fed has committed to buying $1.2 trillion of mortgage securities, and $300 billion of Treasury bonds (to drive bond prices higher and thus send yields lower).

And the Fed’s trading desk has been busy: Jay Brinkmann, chief economist at the MBA, notes in a press release today that the Fed has bought 85 percent of the new mortgage bonds issued this year by Fannie Mae, Freddie Mac and Ginnie Mae combined.

He also explains the reaction of interest rates:

While the Fed has been successful in reducing the spread between conforming mortgage and Treasury rates through its purchase of agency MBS, it has not been successful in maintaining lower Treasury yields. ” Given the high issuance volume of Treasuries in June, the Fed is likely approaching its self-imposed ceiling of $300 billion and may be reluctant to increase its current commitment to purchase long-term Treasuries “

In late 2008, mortgage rates, the blue line, were more than two percentage points higher than 10-year Treasury yields, the red line, but that spread has been cut to something more like 1.5 percent today.

But the underlying Treasury rates are higher than the MBA expected, and as a result, mortgage rates, which were under five percent from mid-March to late May, now look like they’re headed for six percent.

What I find more disheartening is Brinkmann’s assessment on the Fannie Mae and Freddie Mac Home Affordable Refinance Program (HARP) :

The second factor [leading to the March estimate] was the large volume of loans expected from HARP. While generally accepted estimates were that around 1.5 to 2 million borrowers might avail themselves of this program, with many more potentially eligible, to date only about 13,000 loans have been completed according to press reports. While the number of loans completed under this program is likely to increase, it is difficult to craft a scenario under which origination volumes would come anywhere close to reaching the numbers originally envisioned for the program, particularly under our higher rate environment.

Thirteen thousand loans? That’s less than a percent of the projection. What is the batting average of the other stimulus programs?

The MBA expects home prices to keep falling through 2009, and to level out in 2010. And they say home sales, both existing and new, will be down four percent or so to about 5.1 million.

Direct mortgage lenders ? about mortgage
The term mortgage means borrowing money from the lenders . The lenders provide loans to the borrowers, on the basis of pledging the document of the land or property owned by them . The document act as the legal security to the loaned amount, which is later returned to them after the stipulated time or on completion of repayment of loans . The rates of interest for the mortgage loans are lower than any other loans, since the risk reduces due to the evaluation of the property

Direct mortgage lenders ? Types of mortgages
Mortgages are available in different sizes and shapes, with its merits and demerits . The right type of mortgage should be chosen by the borrowers to suit their requirements . The different types of mortgages are

Direct mortgage lenders ? Fixed rate mortgage is the best type of mortgage, it is been chosen by most of the people. This type of mortgage assures definite rate of interest for certain time period . It is differentiated as long term, up to ten years and short term, nearly five months .

Direct mortgage lenders ? Assumable mortgage are security interest which is sent through an owner to other owner. This type of mortgage can be assumed only if the borrower has high flow of down payment, which can cover the variations between the house value and the mortgaged amount . Assumable mortgage does not provide the choices like frequency of payment and privileges of prepayments.

Direct mortgage lenders ? Adjustable rate mortgage are the mortgages where the term payment varies over the time period . When the rate of interest is adjusted at the same the amount of mortgage is also adjusted .

Direct mortgage lenders ? Reverse mortgage allows the owner to avail loan to a part or full portion of the property without pledging them. The loaned amount along with the interest will be repaid to the lenders on completion of the term of loan .

Direct mortgage lenders ? Interest only mortgage are just like the line of credit. In this type of mortgage you need to pay only the interest of the mortgage amount . This is done to reduce the risk at the time of stress . This type of mortgage gives financial relief to the borrower when he is facing a financial crunch .

Direct mortgage lenders ? Low Interest rate mortgage can be availed only through mortgage broker . Since these brokers are aware of those lenders who provide low and competitive rate of interest . However, the broker cannot be fully relied up on. They can mislead to such lenders where they get high rate of commission. Hence, it is necessary to check personally before opting for any loan.

Direct mortgage lenders ? types of mortgage lenders
Besides the direct lenders there are many other mortgage lenders. They are as follows.
Mortgage bankers are those who lend in a large scale. In most cases these mortgage bankers buy the loans from the major investing companies, who want to invest in banks in place of major investors . (ii) Portfolio lenders are those lenders who invest money from their own and those who originate their own money for the purpose of lending the mortgage loans . They need not to follow any of the guide lines laid by the other banking corporate . (iii) Correspondents are those who open and close the loans on their name itself . Later they sell the loans to the large scale lenders . (iv)Wholesale lenders are those who cater the brokers for originating the loan. It is not mandatory that all the wholesale lenders have their own branches. They fully rely up on the brokers who originate the loan . These wholesale lenders offer loans to those brokers with the low interest rates than the retail lenders . (v) Banks and saving loans work as good as the portfolio lenders or Mortgage bankers or both . (vi)Credit Unions these unions work as the correspondents work. They open and close the loans in their own name .

Direct mortgage lenders ? Direct lenders
These are the lenders who lend their own loans directly to the customers . These direct mortgage lenders may differ from a big lender to the small lender . The banks have usually the funds of the savings amount deposited by the saving account holders . These amounts can be utilized for the purpose of allotting mortgage loans to the borrowers whereas these lenders borrow loan from the warehouse lines of credit which will be used for funding of the loans. Even the small direct lenders too borrow loans from the warehouse lines of credit to provide the direct mortgage lending . Sometimes these direct lenders act as such of mortgage bankers or the portfolio lenders .

Direct mortgage lenders ? Direct mortgage lending companies
There are many companies that act as a direct mortgage lenders. Each of them has their own rate of interest, according to the loans they provide to their customers. Few direct mortgage lending companies and their operations are listed out below.

Direct mortgage lending companies ? Benchmark lending group
Benchmark lending group acts as a direct mortgage lenders . They provide their clients to buy a new home or to retrieve the home which already under mortgage . They even provide loans to meet the needs of their clients, may be for a new home or a business . They were in this field for more than ten years helping people to buy a new home or meet their business needs or their dream come true . Despite mortgaging, they also refinance for purchase of new homes. Their aim is to increase the customer satisfaction. They provide loans like adjustable rate, fixed rate, cash flow ARM, Equity loan, better half loans, freedom loan and fixed second mortgage.

Direct mortgage lending companies ? Wholesale Capital Corporation
Wholesale Capital Corporation is in existence from the beginning of the 90?s. It was established in intend to provide funding for home mortgages. It serves as a direct mortgage banker with the power to underwrite and provide financial support for their growth . They are dedicated to provide quality, service and satisfaction to their clients . They provide different types of loans like mortgage loans for debt integration, construction loans, housing loans, FHA/VA loans and other commercial loans for their clients .

The flight to the “banking” side of our industry is accelerating. As large multi-state Mortgage Bankers and Direct Lenders with almost 400 branches nationwide, we offer you 100% Commissions, payable in 48 hours! We believe Benchmark offers the best net branch platform in the U.S. Our nearly 60 corporate employees are headquartered on the 8th floor of the Tollway Plaza Building on the Dallas Parkway in Dallas, Texas. As of April 2007, we’re licensed or pending in almost all 51 states/jurisdictions. The rest will follow quickly. Our company is financially sound with solid cash reserves. We’ve grown almost strictly on cash flow.
Benchmark offers you full-service mortgage banking with over 500 loan programs in-house at highly competitive rates. When you bank loans with us you’ll not be required to disclose yield spread premiums.

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In addition to our direct lending we are approved with 200+ other banks and investors.

We have direct access to all FNMA, FHMA, HUD and VA programs. Indeed, Benchmark is a “Full Eagle” Title II Non-Supervised FHA lender and a VA LAPP approved lender.

We offer popular OptionARM’s on our in-house banked line, featuring 1.00% start rates on loans up to $6 million. We also fund super Jumbo’s and a variety of subprime loans including 100% loans to a 580 credit score with no MI and 95% LTV loans with no documentation.

We’re experts with Purchases, Refi’s, One-Time Close Construction Loans, Home Improvement loans, 2nds, Investment Property loans, Debt Consolidation loans, Stated Income and Damaged Credit loans.