American Financial Resources Inc. (AFR Mortgage), a privately owned mortgage banker headquartered in Parisppany, N.J., is launching a new Federal Housing Administration (FHA) correspondent residential mortgage lending division that will purchase closed loans from selected FHA-direct endorsed lenders.
‘There is a real need to provide this type of service to the midsize mortgage banking community,’ says Richard Dubnoff, AFR Mortgage's CEO, saying the bank's correspondent lending division will ‘be a trusted source for the secondary market.’
AFR Mortgage says it will also be among the few secondary investors in the country to purchase FHA-insured loans on manufactured homes.
SOURCE: American Financial Resources Inc.