First Guaranty Mortgage Corp., Tysons Corner, Va., has created a division in its third-party originator group to focus on producing U.S. Department of Agriculture Rural Housing program mortgages. The unit will also do loans secured by manufactured houses originated through the Federal Housing Administration, Veterans Administration and conventional programs.
Recently Chase Rural Housing said it was
FGMC is opening a fulfillment center in Boca Raton, Fla., which the company said is an operational hotbed for USDA operations and expertise.
CEO Andrew Peters said, “FGMC has always specialized in manufactured housing for FHA and VA and had made the decision to rollout the Fannie Mae product June 1. Chase’s decision to vacate the USDA wholesale space made significant talent available in the Boca marketplace and did factor in to FGMC’s decision to open a Rural Development Fulfillment center in that area. FGMC’s appetite for USDA business in the correspondent market has been there for a few years and will only continue to grow.”
He added that Boca Raton is home to “the best and the brightest” USDA specialists. “These programs require experts in the field and FGMC is proud of the extensive and growing resources we have available in that regard.”
He added FGMC wants to continue its steady growth across product channels.
“We are aggressively looking for relationships with mortgage brokers as well as flow sellers and bulk sellers. Flow or bulk mortgage servicing rights transactions are also being considered for the right counter parties.”
