First Guaranty Mortgage Corp., McLean, Va., has rolled out its new line of products for underserved niches aimed at correspondent lenders.
The product menu will include manufactured housing loans and rehabilitation loans such as the Federal Housing Administration Section 203(k) program and the Fannie Mae HomePath loan. The channel is being marketed under the name Correspondent's Edge.
FGMC senior vice president Andrew Peters said, “Many of the correspondents we speak with have found themselves limited to fairly vanilla loans, limiting them to a fairly narrow range of potential borrowers. Correspondent's Edge should provide them with additional tools and offerings, and widen the market for many of the newer correspondents making the transition from third party originator to correspondent lender.”
