Standard Mortgage Corporation
Standard Mortgage Corporation is headquartered in New Orleans, Louisiana and is one of the South’s largest privately-held mortgage banking facilities. Standard Mortgage Corporation was founded in 1925 and was purchased by the Bright family in 1964. Standard primarily originates residential mortgages, most of which are sold to Fannie Mae and Freddie Mac. The company retains servicing rights on these mortgages, and also services home loans for the Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) in Washington. Standard operates five branch offices in southern Louisiana, where the majority of its servicing portfolio is concentrated, and one in Mississippi. Standard Mortgage Company is licensed in 11 states. It originated $600 million in mortgage loans in 2005 through its six retail offices and loan correspondents. Edgar Bright III is the President of Standard Mortgage.
Standard Mortgage Loan Options
Standard Mortgage offers premium products, programs, and services. Its talented, trained, professional staff ensures that they recognize that customer satisfaction is the "standard" by which the company’s success is measured. Standard Mortgage challenges consumers to put their expertise as well as experience to work in customizing a mortgage that fits their consumers and their circumstances and financial needs. Standard Mortgage offers a variety of home loan products; some of which are listed below:
- Conforming Loans
- Jumbo Loans
- FHA Loans
- Direct Endorsement Loans
- Reverse Mortgages
- VA Loans
- New Home Purchase Loans
- Refinance Mortgage Programs
- Debt Consolidation Loans
- Bad Credit Mortgages
- Fixed Rate Loans
- Adjustable Rate Loans
Applying at Standard Mortgage
With Standard Mortgage one can apply online or contact a mortgage professional in person or by phone. Standard Mortgage has convenient online loan and payment software dubbed eStatus. Through this program borrowers may track their loan, obtain all their account information and even pay their mortgages. An autopay account can also be set up for Standards’ eStatus customers to directly pay their loans once or on a recurring basis.
During Hurricane Katrina Standard Mortgage took a big hit. Fifteen of its employees lost their homes, while many others sustained significant wind and/or water damage to their residences. The company could not resume full-time operations in its main office in downtown New Orleans until mid-November and initially it had to operate from branch locations. Standard Mortgage persevered and never let their clients down throughout the ordeal. They are highly involved with the rebuilding efforts in New Orleans.
Standard Mortgage recently purchased the assets and the name of Aulds, Horne & White of Shreveport, which was founded in 1957. The acquisition, which took effect June 1, 2006, brings Standard Mortgage Company’s servicing portfolio to $2.5 billion. "We are committed to the New Orleans market, but now we will have strength throughout the state," said SMC President Edgar Bright III; "This transaction will provide us with additional resources to better serve our existing and future Louisiana clients."
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