RPM Mortgage is pleased to announce the release of its Jumbo Service-Retained product that can be used to purchase a home with a loan amount up to $2.5 million, or allow the borrower the ability to obtain a ‘cash out’ loan to a maximum of $2.5 million.
Rob Hirt, CEO of RPM Mortgage, is pleased to have this product and believes that it will help stimulate the ‘purchase’ money transactions for the high-end real estate market. Rates are at fifty year lows and many qualified borrowers have been kept out of the market for lack of true Jumbo loans with competitive pricing.
Hirt noted that, “between extremely low interest rates and smart prices for homes, either on the move up market or creating liquidity for investment purposes, this product has the ability to serve both types of borrowers. This exclusive RPM product was eleven months in the making and is our contribution toward helping the real estate market to get back on its feet.”
The RPM Service-Retained Jumbo product is unique in the fact that there is no limit to cash-out, meaning that a borrower could potentially cash-out on the full loan amount up to $2.5 million. This is also the highest Jumbo loan limit offered by RPM, with previous Jumbo loan limits capped at $2 million. Fully Amortized and Interest Only payments options are available.
Other highlights include only one required appraisal instead of the normal two appraisals required on most Jumbo loans above $1 million. RPM will be able to utilize its proprietary Appraisal Management Company (AMC), Appraisal Services, Inc. for appraisals with this program and all loans will be underwritten in-house.
This will be the third product that RPM Loan Servicing will have in its portfolio, along with Fannie Mae purchase and refinance loans. RPM is currently servicing over $2.5 billion in loans and expects to monumentally increase that amount in 2012 with the addition of this new Jumbo product.
RPM Mortgage, Inc. is based in Walnut Creek, California and is a private, family-owned mortgage banker and broker whose roots in the Bay Area stem back to 1986. RPM has over 60 branches and can lend in California, Nevada, Texas, Colorado, Oregon, Washington, Idaho and Connecticut and has over 750 loan agents and employees. RPM Mortgage is a retail only lender and a direct seller and servicer of Fannie Mae loans. RPM’s loan agents are specially trained to offer FHA and VA loan programs to their customers. They work with borrowers, realtors, CPA’s, financial planners, attorneys and financial consultants to provide home buyers and owners with the best financial solutions in the market today.
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