Last few weeks have been a whirl of financial news, starting with the move to place Fannie Mae and Freddie Mac under federal conservatorship and ending last week with a proposal of a multi-billion dollar bail-out package for Wall Street and investment banks. And while the staff at Capital Mortgage Services was certainly following the developments closely, they were also secure in knowing that their firm and their clients' mortgages financing were positioned safely above the fray.
"Were stronger now than ever before," says Linda Lewis, President of Capital Mortgage Services. "We've taken advantage of the opportunities open within the market to strengthen our position by adding to our mortgage serving portfolio and cultivating new relationships within the sector to extend our network of resources."
Recognized as an innovator in the mortgage industry, locally owned Capital Mortgage Services takes great pride in bringing a full range of mortgage services to clients. Capital, located at 4212 50th St., telephone (806) 796-7231, is a mortgage bank, not a broker, and can provide service for every aspect of your mortgage transaction.
One component to Capital Mortgage's lending programs has been its Master Commitment with Fannie Mae. This relationship, as well as the one with Freddie Mac, ensures Capital has access to the necessary funds to meet its lending obligations, as well as available funds to continue service to would-be home buyers. And while Fannie Mae and Freddie Mac are now under federal conservatorship, it will be business as usual between Capital and these enterprises.
"Our customers and potential homebuyers can act in compete confidence that Capital Mortgage will be capable of meeting all lending obligations," says Royce Lewis, Loan Production Manager. "In our 20-history, we have never failed to fund a loan after issuing a commitment to close.
"And with the injection of confidence given the market with the announcement that the Treasury will purchase Government Sponsored Enterprise mortgage backed securities in the open market, not only will current and prospective homeowners likely see broaden access to mortgage funding, but a return to market stability," he adds.
While bail-outs have been playing out nationally, Capital Mortgage Services has been working locally to continue to strengthen service for clients.
With a recent acquisition of $56 million in mortgage servicing, Capital now has a servicing portfolio of more than $300 million. In addition, the company has negotiated an additional third-party, non-agency relationship with mortgage investors to further expand its network of resources.
"The size and the health of Capital Mortgage position us well to work with a network of mortgage investors," explains Royce. "We've long acted from a philosophy that it's prudent to diversify the resources available for our clients. These varied third-party relationship create a layer of insulation from market turmoil and allow us to continue growing in a challenging financial climate."
"As a mortgage bank, not a broker we can offer our customers the same professional level of service and the same access to mortgage programs we always have," says Linda. "Even given the tremendous shift in the mortgage market, we have not challenged our lending philosophy at all. We continue to operate at full speed with the same can do, will do attitude and approach to lending."