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Website - https://www.emigrantmortgage.com/EmigrantMortgage/brokerdirect/index.jsp
Status
Emigrant Mortgage is currently in business and funding loans.
Types of Financing Provided
Residential
Wholesale Program Highlights
HiQ+ (NINA) - No Income/No Asset* Program for Borrowers with 601:
HiQ (NIFA) - No Income / Full Asset* Program For Borrowers with 701+ FICO Scores:
Portfolio FullDoc - Full Income / Full Asset Verification:
Agency Full Documentation - Full Income / Full Asset Verification:
About the Company
Emigrant Mortgage Company, Inc. (EMC) is a direct lender specializing in creative financing for residential properties. Headquartered in Elmsford, New York, EMC is a wholly owned subsidiary of the Emigrant Bank, which has been serving the credit and banking needs of the New York community for more than 150 years. The Bank has assets of over $10 billion, is one of the most strongly capitalized savings banks in the country, and looks to EMC to deliver a wide array of creative loans for its portfolio. EMC itself has a capital base in excess of $98 million. Strong capital coupled with the Bank’s appetite for portfolio loans provides EMC with the ability to distinguish itself from other lenders with creative loan programs delivered with the highest quality customer service.
Until 1996, EMC focused primarily on retail lending in the metropolitan New York City area. It developed a solid reputation as a lender which applied common sense underwriting to close loans which did not "fit the box" of most other lenders. Jumbo and Super-Jumbo loans were approved as a matter of routine rather than as exceptions. Condos and co-operative loans were closed as routinely as 1-4 family loans.
Starting in 1997, their loan programs were gradually rolled out to select national markets on a wholesale basis through their BrokerDirect program. Florida and Massachusetts were followed by Pennsylvania in 1998 and Maryland and Virginia shortly thereafter. Expansion has been gradual and controlled to ensure that quality service is not compromised, as quality customer service is of paramount importance in EMC's philosophy.
No loan is too small and they continue to routinely close loans with balances of $2 million and more. Their HiQ program has offered No Income/No Asset (NINA) underwriting since 1994. Their STARflex program was introduced in early 1999 and offers very competitive rates to borrowers with impaired credit, providing NINA financing for borrowers with ficos of 600 and below. They also offer a wide array of products to foreign nationals. 100% financing is often available with their cross-collateralization feature. While focusing on intermediate term ARM's, we often close that fixed rate loan that does not meet the criteria of many lenders. EMC recently added a 6 month LIBOR product to its existing suite of attractively priced treasury ARM products.
(2007). Emigrant Mortgage. Retrieved on 12/7/07, from https://www.emigrantmortgage.com/EmigrantMortgage/brokerdirect/aboutus.jsp
Licensed States
NH, NY, MA, RI, CT, NJ, PA, MD, DE, VA, FL
Contact Information
SALES OFFICE LOCATIONS:
Delaware -
Telephone: 914-785-1245
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Connecticut -
Telephone: 781-356-0315
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Florida -
Telephone: 786-924-8100
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Massachusetts -
Telephone: 781-356-0315
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Maryland –
Telephone: 240-472-0698
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New Hampshire –
Telephone: 603-738-9425
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New Jersey –
Telephone: 914-785-1245
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Pennsylvania –
Telephone: 914-785-1245
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Jericho, New York -
Telephone: 516-822-7143
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Telephone: 516-822-6992
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Rego Park, New York –
Telephone: 718-459-6556
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Manhattan, New York –
Phone: 212-850-4804
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Westchester, New York –
Phone: 914-785-1286
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Rhode Island –
Telephone: 781-356-0315
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Virginia –
Telephone: 240-472-0698
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General Inquiries / Customer Service E-mail:
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Account Executives
Veronica Ferraro (Residential – New York)
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