New Greenway Mortgage platform offering home improvement loans

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Greenway Mortgage, a New Jersey lender that pledges to support charitable causes, is launching a consumer-direct digital-mortgage division that will specialize in one-stop shopping for home renovations, among other things.

The new Emerald Home Loans platform will also give borrowers access to reverse mortgages and other government-guaranteed mortgages, as well as jumbos and other conventional products, according to a company press release.

Greenway had previously begun building a digital platform by using Fannie Mae's Day 1 Certainty mortgage technology, which allows certain loan information to be digitally submitted for potential data-based verification.

Renovation lending is an attractive niche given that investment in home improvement is expected to continue to rise through 2019. Almost two-thirds of homeowners plan to spend at least as much on remodeling in the next 12 months as they did in the previous 12 months, according to HomeAdvisor.

In addition to renovation lending and traditional mortgage products, Greenway has specialized in offering bridge financing to cover gaps between home sales and purchases.

The company also has offered a "white coat" loan program for medical residents, which provides some leeway in guidelines for student debt; and Federal Housing Administration loans for community workers like teachers, police officers and firefighters.

Greenway has additionally financed other FHA and government-sponsored enterprise loans that were designed to help accommodate lower down payments, down payment assistance, alternative documentation and self-employment.

The company is based in Middletown, N.J., and also has branch offices in Cream Ridge, N.J., Spring Lake, N.J., White Plains, N.Y., and New York City.

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