ADDISON, Texas /CitizenWire/ -- Mid America Mortgage, Inc. (Mid America) announced today it has secured an additional line of liquidity from J.V.B. Financial Group, LLC (member of FINRA and SIPC) ("JVB"), an indirect controlled subsidiary of Cohen & Company Inc. (NYSE American: COHN), through the company's Agency MBS & Gestation Repo Group.
"While challenging on many levels, the circumstances presented by COVID have allowed Mid America to innovate our product lines and deliver financing options that enable more consumers - including low-to-moderate income and minority borrowers - to realize the dream of homeownership," said Mid America Owner and CEO Jeff Bode. "By accessing capital through JVB's gestational repo program, we can finance these unique loan programs, including our down payment assistance program, at a lower cost than a traditional warehouse line, thus enabling us to grow these programs by nearly sixfold in 2022."
JVB's Gestational Repo Financing allows mortgage originators seeking incremental returns to make short-term investments into a Ginnie Mae (GNMA) security, which carries a zero-risk weighting, as an alternative means of securing capital markets financing. Gestation repo enables GNMA issuers to pool these securities faster while also reducing issuers' funding costs and improving their cash position.
"Mid America Mortgage has placed itself in a strategic position to capitalize on the implementation and utilization of a gestation repo facility such as ours within its mortgage pipeline operations," said Tom McHugh, Managing Director and Head of the Mortgage Group at J.V.B. Financial Group, LLC. "JVB is excited to partner with the team at Mid America."
J.V.B. Financial Group, LLC ("JVB"), a broker-dealer registered with the Securities and Exchange Commission ("SEC"), a member of the Financial Industry Regulatory Authority ("FINRA"), and a member of the Securities Investor Protection Corporation ("SIPC"). JVB focuses on four distinct business lines: (1) Mortgage Trading and Financing (focusing on providing capital market services to middle-market mortgage originators seeking to enhance their mortgage pipeline execution and overall portfolio profitability and includes (i) TBA Trading, (ii) Agency MBS Trading, (iii) Gestational Repo Financing (2) Wholesale Trading & Distribution (focusing on servicing small fixed income broker-dealers); and (4) Credit Trading (focusing on investment grade and high yield corporate bonds). For more information, please visit www.jvbfinancial.com.
About Mid America Mortgage, Inc.
Mid America Mortgage, Inc., Addison, Texas, is a multi-state, full-service mortgage lender serving consumers and mortgage originators through its retail, wholesale and correspondent channels. We offer a wide range of residential home loan programs to meet the needs of most home buyers and homeowners and are also the nation's leading provider of Section 184 home loans for Native Americans. Learn more at https://www.midamericamortgage.com/.
In operation since 1940, Mid America has thrived by retaining its entrepreneurial spirit and leading the market in innovation, including its adoption of eClosings eNotes. Click n' Close is Mid America's ultra-secure, digital mortgage approval and closing process that gets home buyers from application to closing within two weeks. With just a few clicks at closing, Click n' Close puts keys in the home buyer's hand in 15 minutes or less. Apply online at https://www.midamericamortgage.com/click-n-close/#cnc.
Frequently named a top mortgage employer/workplace by industry trade magazines such as Mortgage Professional America, MReport, National Mortgage News and National Mortgage Professional, Mid America is looking for tech-savvy, service-oriented mortgage professionals to join our growing team. We are dedicated to providing our employees with industry-leading tools and technology to deliver a great package of competitive pricing, programs and knowledgeable service. Want to join our team? Visit https://www.midamericamortgage.com/careers/.
Learn More: https://www.midamericamortgage.com/
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