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CapWest Mortgage adds home equity products to third party offerings
OVERLAND PARK, KS (February 6, 2014) – Overland Park-based CapWest Mortgage, a division of Farmers Bank & Trust, is adding fixed second mortgages and home equity lines of credit (HELOC) to its loan product offering for all third party origination (TPO) clients.
“We’ve seen a large influx of home equity interest on the retail side of our mortgage business,” said Monte Robbins, President & CEO of CapWest Mortgage. “As remodeling activity is expected to grow even more in 2014, the timing is right to equip our TPO partners with this high-demand product for their customers.”
Double digit gains in remodeling spending are expected throughout the majority of 2014, according to LIRA (the Leading Indicator of Remodeling Activity), a tool developed by the Remodeling Futures Program at the Joint Center for Housing Studies at Harvard University.
In addition to stand-alone fixed second mortgages, CapWest will also offer a simultaneous fixed second up to 90 percent CLTV in conjunction with a purchase transaction as long as the TPO client delivers the first mortgage to CapWest. A piggyback HELOC and first mortgage product will also be available to CapWest’s TPO clients.
“The combined first and second mortgage product will give our TPO clients an additional tool to use when selling first mortgage loans,” said Robbins. “And the stand-alone fixed seconds and HELOCs give our partners major marketability value because they can now advertise home equity loans.”
CapWest Mortgage offers bank referral, wholesale and correspondent services, which include on- site sales and operations training in addition to marketing consultation. To inquire about any of these programs, visit capwestmortgage.com/tpoinquiries or contact Jake Stadler, Account Executive for CapWest Mortgage, at 913-378-9066 or jake@capwestmortgage.com.
About CapWest Mortgage
CapWest Mortgage is a division of Farmers Bank & Trust, which is a 106-year old family-owned bank that originates conventional, FHA, VA, and HomePath® loans across the nation. CapWest Mortgage is committed to offering financial solutions that help clients manage their money and meet their financial goals. Visit CapWestMortgage.com to learn more. HomePath® is a registered trademark of Fannie Mae.