EMC Mortgage Corporation

EMC Mortgage Corporation specializes in acquiring, securitization (selling the loans to minimize potential loss), servicing and disposition of residential loans.  They are a wholly owned subsidiary of the Bear Stearns Companies, Inc.  Their success is proof of their competitive pricing and excellent portfolio management.  They place a top priority on employee training, emphasizing regulatory compliance and collections and, of course, the latest in technology and industry practices.  They prefer to promote from within, so as to keep the best employees.  All this add up to a company that has grown from 10 employees in 1990 to over 1,000 today. 
               
EMC Residential is a warehouse facility for new (not more than 30 days old) loans.  They provide warehouse lines from $5,000,000 to $100,000,000 for the funding of Conforming, Alt A, First and Second Liens, and sub-prime residential mortgage loans. They can fund directly to the closing agent and use a highly automated funding system to expedite the process. 

To become an approved seller with EMC Mortgage one must have at least two years experience originating 1-4 family mortgage loans, have a license in good standing, carry one’s own errors and omissions insurance and go through the approval process.  This process is designed to guarantee that the seller has the ability to originate high quality loans. 

Investors can log into EMC Mortgage’s Investor pages to obtain up to the minute information on specific deals, investor events, services, servicer review reports and other investor related news.

Loans Offered by EMC Mortgage

The EMC Mortgage Corporation purchases poorly performing loans, securitizes them, and sell them to investors.  They also purchase new loans and are a loan warehouser.  Their approved originators may fund these types of loans:

• Fixed Rate Loans (conforming)
  
• Adjustable Rate Mortgages (conforming)
  
• 80/20 Combo Loans
  
• 10 Year Interest Only Loans
  
• Balloon Mortgages
  
• Alt A programs
  
• Jumbo (prime)
  
• Government Loans
  
• Sub-prime Loans (that meet their underwriting guidelines)
  
• Fixed Rate Second Liens

EMC is headquartered in Irving, Texas.  It specializes in servicing loans of people with imperfect credit, who may have an extra vulnerability to predatory lending practices.  There have been several such complaints leveled at EMC of late.  The allegations are under review and former (and current) EMC employees have been asked to come forward, as have any customers who have complaints.  Oddly enough the mission statement of EMC commits them to ethical practices. Then again it also states they will become a best-in-class mortgage service provider through maximizing profits.  Maybe those two conditions cannot co-exist.

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