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FOR IMMEDIATE RELEASE
FOR MORE INFORMATION:
Jon Neill, CEO
513.860.1012
HOMEGATE MORTGAGE ANNOUNCES PRODUCT
EXPANSION
WEST CHESTER, 0H, MAY 1, 2007 -
HomeGate Mortgage set the company record
for monthly unit production in March
while also seeing a 22% increase in
volume compared to the first quarter of
last year. This comes amid industry
turmoil that has seen major national
mortgage companies shut their doors due
to increased delinquencies that were
caused by the housing market slowdown.
“This is a good environment for
borrowers and home-buyers, but a very
tough one for lenders,” said HomeGate
CEO Jon Neill. “In times like these, the
weak mortgage companies fail and the
well-run companies pick up the slack.”
News reports have focused on
difficulties in the subprime sector -
which is lending to borrowers with
blemished credit histories. According to
Neill, “with 80% of our customers being
prime credit borrowers, the subprime
impact on HomeGate was minimal – mainly
delays on individual loans as alternate
lenders were identified.”
The housing market, also a topic of
extensive media reporting, shows signs
of rebounding in Ohio and Florida.
Company President Mike Mutlu said, “We
are seeing a significant pick-up in
activity in new home purchases,
especially compared to the prior six
months.” This increase in activity is
attributed to historically low 6% rates
and buying opportunities in the housing
market.
HomeGate is also benefiting from the
growth of its commercial mortgage
division, 1st Accelerat. Requests
continue to come in from across the
United States and current application
volume in process is in excess of $17
million dollars. Much of this
application volume has come from
referrals to the company’s commercial
website,
www.YouReferIt.com.
HomeGate Mortgage, LLC,
9100 Centre Pointe Drive, Suite 110,
West Chester, Ohio 45069.
Jon Neill, CEO. Phone (888) 837-0018;
Fax (888) 837-0019.
Email / Web
customerservice@homegatemortgage.com;
www.HomeGateMortgage.com
DBA 1st Accelerat Commercial Funding
Group (513) 454-0319
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