Irwin Home Equity
In 1994, the CEO of Irwin Financial Corporation had the idea to build a niche consumer lending business which worked through direct response channels. She wanted to combine the screening techniques of a credit card company with the procedures used in the mortgage industry. And so Irwin Home Equity was formed and has become a successful consumer finance company. Irwin originates, purchases, sells, and services a variety of home equity lines of credit (HELOC), home equity loans (HEL), and first mortgages through direct retail lending, correspondents, brokers, and strategic alliances. Since its launch in 1994, Irwin Home Equity has established itself as a leader in the direct response high loan-to-value (HLTV) home equity market. Irwin Home Equity is headquartered in San Ramon, California and has $5225 millions in assets. They posted a pretax earning of $118 million for 2005.
Irwin Home Equity’s mission statement is, “We will be the best consumer lender by improving our customers’ finances responsibly and responsively.” They strive to meet the terms of their mission statement by knowing customers personally, treating everyone with honesty and fairness in all dealings, and having a commitment to the well being of the community.
Irwin Home Equity Mortgage Loans
Irwin Home equity funds first mortgages and 100% and 125% home equity loans and lines. Home buyers can finance up to 100% of the property’s value with cash out. An existing mortgage may be refinanced, and consolidation of debts is allowed. These loans are funded with competitive fixed interest rate loans. If low payments are desired, an interest-only option is available with interest-only payments for up to 7 years. Beside the interest-only option, first mortgages are available in 3, 5, and 7 year initial fixed rate adjustable mortgages. The loans are financed for amounts up to $650,000; if the credit score is above 620 then 100% cash out is allowed. There is no maximum property value, and no mortgage insurance is required.
Irwin Home Equity 125% Loans
Irwin Home Equity funds 125% combined loan-to-value (CLTV) home equity loans and lines. The amount funded may be up to 125% of the value of the property, minus the first mortgage. For single family residences, condos, and planned unit developments, the loan amount is up to $125,000. There are no restrictions on property value and no mortgage insurance is required. A credit score of 661 is necessary for 125% or 640 for 110%, and the property must be the primary residence. A 55% debt-to-income ratio is allowed. The loan gives the customer fixed interest rates and a fixed monthly payment. The credit line gives the customer variable interest rates and the ability to borrow and repay as many times as he finds necessary over the life of the line. The 100% CLTV home equity loan and line have the same funding options; the restrictions on credit scores are lower, however. The minimum credit score is 560, and $300,000 or more may be borrowed.
Irwin provides direct-to-consumer retail lending through a number of channels, including its Internet site, PremierEquity, direct mail, its affiliate programs, and strategic alliances. The funds are also available through mortgage brokers and correspondent lenders.
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