5 Point Capital - BD Nationwide Mortgage Introduces the Second Mortgage that Requires NO Appraisal for Home Equity Loans to 125% and Refinancing Credit Lines

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(PRWEB) November 6, 2006 -- BD Nationwide Mortgage introduces the "Fast Fund
Second Mortgage Loan" that requires no formal appraisal. The latest second
mortgage product from BD Nationwide reduces the funding times for home
equity loans, because underwriting accepts an automated value model rather
than a URAR or 2055 appraisal that requires a licensed appraiser to visit,
survey, and appraise a property and the comparable properties. The average
full appraisal or drive by typically takes 7 to 10 business days to complete
from the time the loan officer or mortgage broker orders the appraisal. Most
of the AVM models accepted with these second mortgages takes the loan
officer about 20 seconds to complete for most properties. Besides increasing
the efficiency of the loan process, this "Fast Fund Second Mortgage" program
reduces the loan costs $300 to $500 per loan, depending on the state.

According to Brendon Daly, a financing consultant with BD Nationwide
Mortgage, "The AVM 's seem to be approved with the home equity lenders for
this 2nd mortgage product about 60% of the time." Daly continued, "This is a
great added-value service for homeowners looking for a cash out by means of
a second mortgage or home equity line of credit. The AVM eliminates about 10
days of the home equity loan process by waiving the formal appraisal. This
really relieves the stress level for many borrowers that comes with the
territory, when the appraiser comes to evaluate your home during this
declining real estate market.

According to Citibank executive, Jim Markham, "Having the ability to use the
AVM model is a Win-Win scenario for mortgage brokers and homeowners across
the country. Mortgage brokers can increase their second mortgage volumes and
borrowing consumers benefit from reduced costs and quicker loan processing
cycles. BD Nationwide and participating home equity lenders are releasing
more 2nd mortgage and refinance products with underwriting guidelines
enabling the use of these statistical appraisals that calculate the home
values online simultaneously with credit reports.

At this time, BD Nationwide also provides fixed rate home equity loans to
125%, prime rate equity lines of credit, and sub-prime second mortgages for
people with lower credit scores and past late payments, collections or
bankruptcies.

Lynda Nelms, a Senior loan officer at BD Nationwide, noted that the
automated 125 home equity
loan<http://www.bdnationwidemortgage.com/125-home-equity-loan.html>soothes
many of my clients who want to consolidate debt or get access to
cash but might be concerned about declining property values." The AVM does
not work for every home loan, but when the value is acceped, the second
mortgage process is significantly streamlined. Homeowners prefer having the
ability to use their home equity and this 2nd mortgage loan helps make home
improvement financing quick and easy. According to Nelms, "The process for
125 loans can be a stressful time for many borrowers who are seeking cash
out quickly." Having the opportunity to increase the efficiency of loan
processing is good for our business and convenient for consumers who are
taking advantage of home equity refinancing."

BD Nationwide Mortgage recommends consumers should go online and indulge
themselves with additional refinancing advice from experienced second
mortgage brokers. Start by getting yourself familiar with how home equity
loans work, and figure out which types are best for your goals and
qualifications. BD Nationwide strongly recommends working with loan officers
who comprehensively understand stand-alone home equity loans and 125% second
mortgages. This loan broker urges you to align yourself with competent
council for subordinate financing with credit qualifications for second
mortgages <http://www.bdnationwidemortgage.com/second_mortgage.html>lenders.
Consumers searching for current interest rates, should visit: Home
Equity Loan Rates<http://www.bdnationwidemortgage.com/home-equity-loan.html>.
Received on Thu Sep 13 2007 - 07:31:32 EDT