Mortgage Benefits Corp. and First Consolidated Mortgage Company to Offer Exclusive Stated Income Loan Product

Business Wire,  Dec 9, 2004  

• E-mail
• Print
• Link

REDWOOD CITY, Calif. -- New Platinum Plus is Available Only to MortgageChoice Plan Members and Features Discounted Lender Fees, and Relaxed Terms and Conditions

Mortgage Benefits Corporation (MBC; www.mortgageplans.com) today announced that First Consolidated Mortgage Company (www.fcmcw.com), a national wholesale lender that specializes in high LTV (loan-to-value) loans, has created a stated income loan product exclusively for members of the MortgageChoice Plan(TM), MBC's no-cost group mortgage benefit. First Consolidated's loan product, called Platinum Plus, will be offered exclusively through The Mortgage PPO(TM), MBC's patent-pending wholesale lending platform.

Platinum Plus is a no income verification loan with low cash reserve requirements and features 100 percent financing, discounted lender fees, and other relaxed terms and conditions. Platinum Plus will be offered to MortgageChoice Plan members through broker providers in The Mortgage PPO.

"We saw an opportunity for First Consolidated to create a niche product that could be specifically tailored to, and promoted directly by MBC to MortgageChoice Plan members," said Marsha Tiller, founder and president of MBC. "We are thrilled to have the exclusive distribution rights to Platinum Plus and to have First Consolidated as a Preferred Lender in The Mortgage PPO."

MBC sponsors and administers the MortgageChoice Plan at no cost to the employer or employee. Plan member benefits include discounted mortgage fees and rates, guaranteed cash credits toward non-recurring closing costs, a superior loan product selection from over 100 wholesale lenders, exclusive loan products from Preferred Lenders, a self-service Web portal, a searchable agent database, a Member Help Center, consumer protection, and bundled discounts on settlement services.

Employees, their spouses, domestic partners and other family members are eligible for the MortgageChoice Plan. Plan members have instant access to MBC's patent-pending Mortgage PPO(TM), a national network of mortgage broker firms and their loan agents, over 100 wholesale lenders, and preferred service providers who offer special discounts.

The MortgageChoice Plan is offered through employer benefit packages as a voluntary group plan that is not subject to ERISA regulations. The Plan is marketed to Fortune 2000 corporations and member associations exclusively through benefit brokers and consulting firms.

"Mortgage Benefits Corporation takes a progressive approach to the marketplace and has created an innovative group mortgage benefit that we believe will be rapidly adopted by companies and associations nationwide," said DeWitt Ray, president of First Consolidated Mortgage. "Platinum Plus is the first in a series of high LTV products that we would like to develop for MBC given its unique ability to target the special needs of their Plan Members."

About First Consolidated Mortgage Company

Founded in 1994, First Consolidated Mortgage Company is a privately held wholesale mortgage lender based in Dallas, Texas. First Consolidated lends in over 25 states and plans to extend its lending services to additional states, and specializes in high LTV (loan-to-value) loans for people who can't qualify for a conforming loan. First Consolidated's mission is to provide brokers with speed, accuracy and accessibility. They do this by using the most advanced technology available to close loans quickly at a low cost. First Consolidated's ability to give fast and reliable answers has taken the mystery out of approving and closing a home loan. For more information, visit www.fcmcw.com (wholesale) and www.firstconsolidated.com (retail).

About Mortgage Benefits Corporation

Mortgage Benefits Corporation's (MBC) mission is to make the mortgage buying process more cost effective, intelligent, and convenient for employees by offering a turnkey solution in their employee benefit package. MBC pioneered the concept of Group Mortgage Benefit Plans with the introduction of the MortgageChoice Plan(TM), a no-cost voluntary benefit that assists employees who plan to purchase or refinance a home. The MortgageChoice Plan allows employees to purchase mortgage services through an employer group plan at rates more favorable to Plan participants. Plan Members have one click access to MBC's patent-pending Mortgage PPO(TM), the first wholesale lending platform of its kind. Founded in 2003, MBC is a privately held corporation headquartered in Redwood City, Calif. For more information, visit www.mortgageplans.com.

COPYRIGHT 2004 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning