1st Alliance Lending reports that it is launching a new multi-channel mortgage program targeting underserved borrowers who are seeking to overcome past credit challenges.
Specifically the lender is launching a new wholesale channel to meet the needs of mortgage bankers, brokers, credit unions and community banks looking to target underserved borrowers. In addition, it is launching a new Premier Partners channel developed for Realtors, builders and financial institutions. Both channels will offer Federal Housing Administration (FHA) loans underwritten by 1st Alliance Lending.
‘These are challenging times in the housing industry, particularly for borrowers who have experienced a hardship and want to purchase a home,’ says Rick Cardillo, national director of business development for 1st Alliance Lending, in a release. ‘We are excited to make our platform and expertise available to the mortgage and real estate communities to help them meet the needs of underserved borrowers and serve a more diversified borrower base.’
1st Alliance, a full-service mortgage banking and servicing company offering FHA, Veterans Affairs (VA) and conventional mortgage products, made news on MortgageOrb last June when it announced the launch of a direct-to-consumer campaign to reach underserved home buyers who may be eligible for the FHA ‘Back to Work’ home loan program, which shortens the waiting period for home buyers who have gone through foreclosure or bankruptcy but want to buy a home again.