American Financial Resources, Inc. (""AFR Mortgage"":http://www.afrmortgage.com), a nationwide mortgage banker headquartered in Parsippany, New Jersey, has announced the launch of a new ""Federal Housing Administration (FHA) correspondent"":http://www.afrcorrespondent.com residential mortgage lending division that will purchase closed loans from selected FHA direct endorsed lenders.
[IMAGE] [COLUMN_BREAK]The company's CEO Richard Dubnoff notes that today, the secondary market is faced with many challenges especially for the small to mid-sized mortgage lender.
""There is a real need to provide this type of service to the midsize mortgage banking community,"" Dubnoff said. ""The AFR Mortgage correspondent lending division will be a trusted source for the secondary market.""
AFR will be one of the few secondary market investors in the country to purchase FHA insured loans on manufactured homes.
Established in 1998 and privately owned, American Financial Resources, Inc. is a HUD direct endorsement FHA lender, Fannie Mae-approved seller/servicer, and Ginnie Mae issuer.
The mortgage firm is approved to do business nationwide and is currently one of the top 25 largest FHA lenders in the country. The company operates as three divisions, ""correspondent lending"":http://www.afrcorrespondent.com, ""wholesale"":http://www.afrwholesale.com, and ""residential mortgages"":http://www.afrmortgage.com.