Largest Wholesale Lender of FHA 203K not lending west of the Mississippi

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Mortgage and Lending NMLS# 9362 LO.012547.001

Below is the email I received

 

I have received numerous calls about the rumors/chatter on the Internet over the last 24 hours. Hopefully this e-mail clarifies some of the changes M&T Bank has implemented.

M&T Bank will continue to offer our Wholesale and Correspondent channels, but business has been restricted to areas that we also have a retail presence. Thankfully, this does include Ohio. 

The changes will affect offices originating loans outside of M&T's footprint (The M&T Footprint includes: the New England states, NY, PA, MD, DE, NJ, VA, WV and OH).   M&T will no longer be accepting files originated in areas outside of those states.

If your home office or branch is located in Ohio and the 1003 reflects an OH business address- than business will continue as usual. You can originate loans in any state you are licensed, as long as the loan is submitted by an office within M&T's footprint area.

If your company has their home office or branches located outside of M&T's footprint, we can not accept files from them, but we can accept files from branches of that same company within M&T's footprint.

If your company has their home office in Ohio, but has branches outside of M&T's footprint, we can no longer accept business from those branches.

I've tried to address most of the questions I have been posed with today, but there is always scenarios that don't fit into a mold as I have outlined above. With that being said- If you have any questions about these changes or loans currently in the pipeline- please call me.


M&T Bank- Mortgage Division

I am happy I am in the "footprint" area since 203K is a large portion of my business and only going to get larger with all the vacancies. I hope this is not a large impact to many of you. If you are not doing FHA 203K or have any questions on how they can help you please let me know.

 http://www.gsgroupinc.com/fha203k.shtml

 

 

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Anonymous
Anonymous

Who are some more lenders that handle the 203K and the 203K streamline if your are in the GA.  M&T  is not longer available for us in GA.  Can you advise.

May 12, 2008 07:08 AM #1
Anonymous
Dave

Hello Steve,

Thank you for the information. I'm a first time home buyer and would like to go the 203k route. I was is there a procedure to follow to get into this. I checked hud and theres loads of information, but not a clear path for how to get started and what paper work needs to be filled out.

 How do I get a list of REO's and such.  I guess wat I'm looking for is the correct wayto get started.

 

Thanks Dave

Aug 06, 2008 08:36 AM #2
Rainer
16,727
Steven Fishman
Independence, OH

Dave

Please let me know wher you are looking to purchase and I can let you know if I can assist you.

Aug 06, 2008 09:06 AM #3
Anonymous
David Sovde

I am a 203k consultant in SC. Do you know any 203k lenders I can contact in SC.

David Sovde

203k consultant A0782

803-600-6594

 

Mar 02, 2009 07:38 AM #4
Rainmaker
617,085
Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

hey David Sovde. glad to see you on activerain. I thought you had all the lenders in SC locked up on the 203k... ha. See you soon.

Steven, Glad to see this information. We were all wondering what was up with M&T now we know and it makes sense for them but they were a powerhouse with the 203k. If you need more names I have several listed on my web site. M

May 23, 2009 10:13 AM #5
Rainmaker
617,085
Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

I know it has been a while since your post but we are starting to see M&T in CA via Guaranteed Rate Mortgage in CA during the past six months. Is something loosening up?

I see you are with Fifth Third Bank, we used to see them now and then on the 203k front are you all still active in the 203k world? 

Sep 15, 2012 03:09 AM #6
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Rainer
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Steven Fishman

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