AnnieMac Renovation Lending Division

We are proud to announce the formation of the AnnieMac Renovation Lending Division (AMRL). The creation of this division is part of a strategic move by AnnieMac Home Mortgage to increase production and positive media exposure for our company by adding an underutilized and somewhat esoteric product well suited for today’s housing market. As you all know the momentum in today’s housing market is rapidly swinging towards purchase business. What you might not know is that approximately 30% of all property transactions right now are some form of distressed sale or negotiated exchange (REO, Short Sale, etc) and these distressed properties often need repairs and maintenance in order to attract a respectable buyer. This very large inventory of distressed properties can be cleared at a much quicker pace through the use of products like the FHA 203K Program which allows borrowers to use loan proceeds to substantially renovate the property. As such, our strong belief is that the rate of growth of this program will accelerate over the coming months and we want to be a major participant in this growth. (Note: The FHA 203K program can also be used for refinance transactions and will be an important part of AMRL as well.) Jeff Onofrio will be spearheading the launch of the AMRL division for AnnieMac Home Mortgage. For those who don’t know Jeff, he has been entrenched in the 203K market for several years and is well known by local realtors and 203K industry participants alike as a seasoned 203K resource. His experience will be an invaluable asset in helping our sales force recognize the 203K opportunity where they previously might have missed it and in creating referral partners within the realtor and attorney space. Given the unique nature of this product Jeff will be joined by Lisa Jacot who will serve as our dedicated Renovation Lending Processor. Jeff and his team will be providing weekly training classes and have created an AnnieMac Certification Program for our Loan Officers (as well as for our Realtor and Contractor partners). This will be accomplished in part by using the tools and resources that are available to everyone on our new AnnieMac Renovation Lending website. There is also a section for Realtors and Contractors…this is important because now our referral partners have a spot to get training and materials not readily available elsewhere. Finally all Referral Partners will also have the ability to become AnnieMac Certified Renovation Specialists in the coming months. www.anniemacrenovationlending.com Our ultimate goal is to properly train all originators that want the opportunity to become an AnnieMac Certified 203K Specialist. When working with Realtors we are only as good as our last deal and trying to learn a niche product while originating it can only lead to a subpar customer experience and a frustrated referral partner. We want this division to be known by our referral partners for its high service levels and by our investors for its loan quality. As such proper training and certification is critical to our future success. We are very excited to offer this product and these services at a time when the mortgage and housing market need it the most. We see this as an excellent way to grow our business, our reputation and the brand name of AnnieMac Home Mortgage and FrontGate Mortgage Company.