Applying With Irwin Home Equity
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Applying with Irwin Home Equity
Overview
Irwin Home Equity, a division of Irwin Union Bank and Trust Company (IUB), is a consumer lender based in San Ramon, California. It specializes in home equity lines of credit, loans, and first mortgages. The company engages in direct-to-consumer lending while collaborating with brokers, correspondents, and strategic partners.
History
Founded in 1994 by a team of seven in San Francisco, Irwin Home Equity quickly grew. By 1995, operations had ramped up with 250,000 solicitations mailed to residents across 10 states. That year, the company originated nearly $90 million in home equity loans. Expanding further, by 1999, Irwin Home Equity introduced an online retail channel across 31 states, which accounted for 53% of loan originations by 2005.
Market Position
Irwin Home Equity has become a leader in high loan-to-value home equity lending. It offers a range of products including first mortgages and both 100% and 125% home equity loans and lines of credit. With a robust in-house servicing capability, the company currently manages over 60,000 loans.
Channels and Reach
The Broker channel, with over 5,900 brokers across 31 states, accounted for 27% of loans funded in 2005. The Correspondent channel, comprising over 260 members in 46 states, contributed to 20% of loan originations. As of today, Irwin Home Equity boasts a $2.8 billion loan portfolio across 40 states, supported by over 600 employees.
Product Offerings
- 100% CLTV Home Equity Loan: Fixed-rate loans with terms from 5 to 25 years.
- 100% CLTV Home Equity Loan Line of Credit: Variable rate, revolving credit line, converting to a fully amortizing loan after 10 years.
- 125% CLTV Home Equity Loan: Fixed-rate loans with terms from 5 to 25 years.
- 125% CLTV Home Equity Loan Line of Credit: Variable rate, revolving line of credit up to 125% of home value, minus the existing mortgage.
- 100% CLTV Fixed Rate First Mortgage: Fixed rates from 10 to 30 years, ideal for debt consolidation or refinancing.
- 100% CLTV Variable Rate First Mortgage: Adjustable rates with initial fixed periods of 3, 5, or 7 years.
- Piggy-Back 80/20 Loans: Combined loan-to-value ratios above 80%, covering the gap up to 100%.
With its comprehensive range of products and services, Irwin Home Equity provides versatile financial solutions tailored to meet different homeowners' needs.
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