June 4th, 2013

Bay Equity Offers Expanded HARP Program to Help Struggling Homeowners Refinance

Posted by at 7:08 pm

Significantly expanded Home Affordable Refinance Program assists “underwater” homeowners with their refinancing needs. Five years ago the real estate bubble burst and the mortgage industry imploded in the largest U.S. financial melt-down since the Great Depression. In an effort to help “at-risk-homeowners” avoid foreclosure, the Federal Government intervened and created the Home Affordable Refinance Program (HARP) in 2009. Through direct lenders like Bay Equity Home Loans, HARP has successfully helped many homeowners refinance out of high risk, sub-prime and adjustable rate loans into low fixed rate mortgages. With the recent extension of HARP through 2015, the Government expects millions more will benefit from the program. “When HARP was first introduced, it was fairly limited in its scope and excluded many homeowners,” says Tim Carroll, Sales Manager at Bay Equity Home Loans in Santa Rosa (www.refinancesantarosa.com). However, in 2012 the program...
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May 30th, 2013

Bay Equity Announces Rebranding Initiative

Posted by at 12:35 pm

Hometown Lending is now Bay Equity Home Loans Bay Equity Home Loans has announced the rebranding of its Hometown Lending division. Hometown Lending branches will become Bay Equity branches. Hometown Lending started in 2000 in Everett, WA and joined Bay Equity in April of 2012. “Hometown Lending has been a great partnership for us as we grow and diversify our geographic footprint,” said President Brett McGovern. “We have firmly planted the Bay Equity flag in the Pacific Northwest and now it’s a good time to bring the company together under one strong, easily identifiable brand. We look forward to continued growth in that region.” Curt Lillibridge, the founder of Hometown Lending added, “The decision to join Bay Equity, now over a year ago, has exceeded my expectations and I’m delighted to be partnered with such a forward-thinking company.” Bay Equity...
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May 23rd, 2013

Bay Equity Has Full Agency Approval

Posted by at 4:38 pm

Bay Equity Home Loans, ranked among the fastest-growing privately held financial institutions in the Bay Area, has announced that it is now approved by the Government National Mortgage Association (GNMA). Known as Ginnie Mae, the agency expands affordable housing opportunities nationwide. In addition to Ginnie Mae, Bay Equity also has the approval of the two other federal agencies operating in the secondary lending market—Fannie Mae (FNMA) and Freddie Mac (FHLMC). “Our hard work to secure these approvals will lead to a variety of positive developments for the company,” said Bay Equity President Brett McGovern. “Above all, we are striving to build a company that is built on a solid foundation and the quality of our loans and strong relationships with the Agencies are central to that end.” Full agency approval means increased liquidity, freedom from investor overlays and purchase turn...
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May 16th, 2013

Bay Equity Celebrates 5 Years of Lending!

Posted by at 9:48 pm

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Bay Equity funded its first loan five years ago this month! For all those who have joined in the past half-decade, I thought it would be fun to paint the picture of what Bay looked like in May of 2008. I will begin by recognizing those people who were on the ground floor and helped us overcome a number of the initial hurdles as we got into business. Matt Birdseye manned the lock desk and underwrote loans in his spare time. Brian Louie was the funding, docs and warehouse department. John Curtin, Colin Sullivan, Jon McGovern, Brett McGovern and I were the sales force. We had fewer than 10 employees in 2008 and we were housed out of 251 Kearny Street in San Francisco. The office was just over 2,000 square feet. Brett shared an office with our processor/controller. I...
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May 16th, 2013

Bay Equity Now a Freddie Mac Lender

Posted by at 9:39 am

Improves Access to Lower Housing Costs and Home Financing. Bay Equity Home Loans is approved by the Federal Home Loan Mortgage Corporation (FHLMC) as a direct lender. Chartered by Congress in 1970 and commonly known as Freddie Mac, the FHLMC mission is to provide liquidity, stability and affordability to the U.S. housing market. Approved lenders can help people get lower housing costs and better access to home financing. “With Freddie Mac approval, Bay Equity can help meet the needs of the mortgage market by making homeownership more affordable,” said President Brett McGovern. “By building a comprehensive agency-direct product portfolio, Bay Equity is emerging as one of the strongest and most stable lenders in today’s market.” Through federal programs like Making Home Affordable, Freddie Mac works to reduce the number of foreclosures and help families keep their homes by lowering costs...
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May 9th, 2013

Bay Equity Launches Private Client Group

Posted by at 6:44 pm

Bay Equity Wholesale Lending has launched a Private Client Group (PCG). Led by Executive Vice President Spencer Richardson and Director of Northwest Operations Sam Lindstrom, the PCG is an intentionally different by design approach to wholesale lending. The PCG will partner with a limited group of exclusive clients to focus on building relationships and developing an expert understanding of those clients’ needs. Based in Tacoma, Wash., the new division will complement Bay Equity’s current wholesale group. The base of operations for the Private Client Group is the ground floor of an historic warehouse. With exposed brick and open ductwork running through high ceilings, the industrial-style building characterizes the energy and innovation behind this bold, new division...
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April 30th, 2013

Freddie Mac Launches New Online Tool for Lenders

Posted by at 9:33 am

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Freddie Mac today announced Loan Quality Advisor. This is a new online loan tool that gives lenders an automated way to identify credit, data and purchase eligibility issues before they deliver loans to Freddie Mac. By helping lenders spot and fix potential problems earlier in the loan manufacturing process, Loan Quality Advisor can make Freddie Mac’s purchase requirements more transparent and give lenders greater certainty in the loans they sell to Freddie Mac. Loan Quality Advisor also gives lenders Freddie Mac’s view of credit risk on mortgages that were not originated on Loan Prospector®, Freddie Mac’s automated underwriting service. Loan Quality Advisor marks the launch of Freddie Mac’s new Greater Purchase Certainty initiative to help lenders improve loan quality while making business with Freddie Mac more efficient and transparent for all Freddie Mac customers. Attribute to Mike Dawson, Vice President of...
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April 25th, 2013

Bay Equity Gives Back

Posted by at 7:00 pm

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We don’t only make loans happen at Bay Equity! Our employees are involved in their communities and as a company, we support a variety of great causes, including: American Cancer Society American Red Cross San Francisco Food Bank Sacramento Entrepreneurship Program Habitat for Humanity The Warrior Foundation Notes from grateful charities: 16th Annual American Cancer Society’s Golden Gate Invitational:  “I want to express my sincere gratitude for your generous participation and support. This year’s event raised $402,015, which brings the total amount raised since the tournament’s inception in 1997, to $5 million!!!! That amount is amazing and those dollars have an enormous impact on the fight against cancer by supporting research, education, advocacy and patient services. YOU are truly saving lives and creating a world with more birthdays.”  -Abby Neil Director, Special Events, California Division American Cancer Society, Inc. The Warrior Foundation: ...
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April 17th, 2013

HARP Has Been Extended!

Posted by at 9:46 am

The Home Affordable Refinance Program (HARP) has been extended to December 31, 2015. That’s more time for borrowers to get a lower interest rate or more stable mortgage if they owe more than their house is worth, make timely mortgage payments and the loan is owned or guaranteed by Fannie Mae or Freddie Mac. HARP Extension News Release...
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October 29th, 2012

Ask Our President: The Future of Bay Equity

Posted by at 11:35 am

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What do you see in the future for Bay Equity? I think we have a tremendous opportunity for continued growth. The big banks are a little dysfunctional in some measure with the way they are pulling back from the marketplace. Bay Equity’s geographic footprint is limited to California, but we have measures in place to expand both our wholesale and retail channels initially into the northwestern United States. We are adding new branches and have the right team members in place to lead this expansion. Just this summer Bay Equity acquired the assets of Hometown Lending, an established mortgage bank that has been serving the lending needs of real estate professionals, builders and individual homebuyers throughout the Pacific Northwest for more than 15 years. Included in the acquisition are Hometown Lending’s 33 retail locations and nearly 100 employees, all of...
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