"Under the agreement, Embrace will originate and service loans for Amalgamated Bank through an exclusive platform. Amalgamated Bank is a New York-based, full-service commercial bank and chartered trust company with five branches across New York City, Washington, D.C., and San Francisco, as well as a commercial office in Boston. Embrace will offer a proprietary program that certifies a property's value and provides sellers with a $10,000 backup cash guarantee, making a homebuyer's bid more attractive than a cash offer."
"The lender will also make available a program that certifies the value of a subject home, allowing the appraisal contingency to be waived. Dennis Hardiman, founder and CEO of Embrace Home Loans, said the deal includes experienced local loan officers to ensure that Amalgamated Bank's customers continue to receive professional, dependable service. Founded in 1983, Embrace produced $1.96 billion in loan volume over the past 12 months through 166 sponsored loan officers and 37 branches."
Embrace Home Loans will originate and service residential mortgages for Amalgamated Bank customers through an exclusive platform, with financial terms undisclosed. The arrangement follows a recent partnership that expanded Embrace's presence after OceanFirst Bank exited mortgage origination. Amalgamated Bank operates five branches in New York City, Washington, D.C., and San Francisco plus a commercial office in Boston and is owned by Amalgamated Financial Corp. Embrace will offer proprietary certified-value programs including a $10,000 backup cash guarantee to strengthen offers and a program that certifies value allowing appraisal contingencies to be waived. Embrace reported $1.96 billion in loan volume over the past 12 months.
Read at www.housingwire.com
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