About Empire Mortgage

 

 

Acquisition Coverage

 

 

Servicing & Collecting

 

 

Pricing Inquiries

 

 

Hard Money

 

 

FAQ

 

 

Contact Information

 

 

Marketing Material

 

 

Standard Forms

 

 

Career Opportunities

 

 

 

 

 

About Empire Mortgage

Who is Empire Mortgage?

How long has Empire Mortgage been in business?

Where is Empire Mortgage located?

What is a Hard Money Loan?

How do I contact Empire Mortgage?

I have never done business with Empire Mortgage. Will you provide references?

Why should I use Empire Mortgage?



About Servicing

When is my mortgage considered to be delinquent?

Why was I asked to send my payment to a new address? Why has my servicer changed?

What happens if I cannot make my monthly payment on time?


Where do I send my tax and insurance information?

Why has my monthly payment amount changed?

Why did my old company sell my loan?

What happens if I mailed my payment to my prior mortgage company or servicing agent after the transfer date?



About Selling to Empire Mortgage

What is first step in selling residential & mixed-use mortgages to Empire Mortgage?

What is the firt step in selling hard money loans to Empire Mortgage?

What type of mortgages does Empire typically purchase?

How Long does it typically take to close a loan purchase transaction?

Do you only look at pools of mortgages over a certain size?

Will you consider purchasing assets other than residential mortgages, such as REO, commercial, auto or consumer loans?



About Hard Money Loans

What is a Hard Money Loan?

What is the first step in getting a Hard Money loan from Empire Mortgage?





About Empire Mortgage

• Who is Empire Mortgage?

Empire Mortgage is a privately owned firm that specializes in acquiring residential and mixed-use mortgage pools. We are located in Hunt Valley, Maryland, just outside of downtown Baltimore. Empire Mortgage has approximately 25 employees, including several who have each been with the firm since its inception. We have considerable expertise in the valuation and oversight of pools of performing, sub-performing, non-performing and distressed residential and mixed-use mortgages. We consistently work with a wide array of sellers, ranging from small, private investors to large financial institutions. Since our founding in 1993, Empire Mortgage has closed and funded thousands of transactions involving both the purchase and sale of residential and mixed-use mortgage pools and the funding and purchase of hard money loans.

• How long has Empire Mortgage been in business?

Empire Mortgage has been in business since 1993.

• Where is Empire Mortgage located?

Empire Mortgage is located in Hunt Valley Maryland, just outside of downtown Baltimore. Our general contact information is as follows:

Empire Mortgage
11350 McCormick Road
Executive Plaza III, Suite 502
Hunt Valley, Maryland 21031
Phone: 410 785-0022
Toll Free: 800 785-6499
Fax: 410-785-0037
www.empmtg.com

• What is a Hard Money Loan?

A hard money loan is a loan collateralized primarily within equity property for borrowers who do not qualify for loans from banks and other institutional lenders. Hard money loans are also sometimes called "private money loans".

• How do I contact Empire Mortgage?

You may call, fax or email Empire Mortgage. For general Empire Mortgage contact information or for key employee contact information, select from the appropriate link below:

Empire Mortgage

Key Contact Details

• I have never done business with Empire Mortgage. Will you provide references?


Yes, Empire Mortgage will be pleased to provide you with a list of counterparties for you to use as a reference. Please contact us directly to further discuss how we can address your needs.

• Why should I use Empire Mortgage?

1) Since 1993, empire Mortgage has developed an impressive track record for closing transactions and providing creative financial solutions. It is this long history of dependability that enables both buyers and sellers to remain confident that they can depend on a commitment from Empire Mortgage.

2) Empire Mortgage will help you utilize your capital more effectively, by allowing you to:
- Unlock dead capital on non-performing assets
- Clean up your balance sheet, lowering your overall cost of borrowing

3) We are a privately owned firm that does not rely on outside investors for capital. This allows us the ability to make quick decisions and aggressively act to close a transaction, no matter how large or small.

4) We have closed and funded thousands of purchase and sale transactions. We pride ourselves on closing all transactions efficiently and on schedule.

5) Please feel free to contact Empire Mortgage if you would like us to provide you with a list of counterparties for you to use as a reference.


Servicing

• When is my mortgage considered to be delinquent?

Delinquency occurs when all or part of the borrower's monthly installment of principal, interest, and where applicable, escrow is unpaid after the due date. Mortgage payments are due on the first of every month. Depending exact on the language in your mortgage note, you may get a 10 to 15 day grace period (where no late fee will be assessed). After the 15th of the month, if we have still not received your payment, you will be assessed a late fee.

It is important to note that if you continually pay your mortgage late, you may be reported to the credit agencies as a “slow-payer.” It is in your best interest to make every effort to pay on the first of every month to avoid damage to your credit, as well as avoid any additional legal or late fees that may be incurred.

A delinquency that remains unresolved as of the close of business of the last working day before the next due date is considered a delinquency of one payment or 30 days, regardless of the actual number of calendar days since the initial due date. A delinquency that has been unresolved for 30 days or more but less than 60 days by the end of the reporting month may be reported as a one-payment or 30-day delinquency.

• Why was I asked to send my payment to a new address? Why has my servicer changed?

Depending on the lender, mortgages are commonly bought and sold in the secondary market. It is a very common occurrence and the companies involved know how to handle it. In fact, the only change you, as a consumer, should see is the change in the name of the company and the address to which you will mail your payments.

Empire Mortgage purchases mortgages “servicing released.” Servicing released means that if Empire Mortgage has purchased your loan, your old servicer will transfer the servicing responsibilities to Empire Mortgage and we will become your new servicer.

As your new servicer, Empire Mortgage is responsible for collecting the monthly principal and interest payments. In conjunction with receiving your monthly loan payment, we become your new point of contact for all of your questions regarding your mortgage, as well as other issues such as pay-offs and reinstatements.

• What happens if I cannot make my monthly payment on time?

Please immediately contact a representative in our collections department to discuss your situation. We want to work with you to quickly remedy the situation.

If you are severely past due on your mortgage payment, we may have the right to foreclose on your property.

• Where do I send my tax and insurance information?


You may mail or fax property tax and property insurance information to Empire Mortgage.
Please send the information to the attention of the Escrow Department. Our contact information is as follows:

Empire Mortgage
Attn: Escrow Department
11350 McCormick Road
Executive Plaza III, Suite 502
Hunt Valley, Maryland 21031
Phone: 410 785-0022
Toll Free: 800 785-6499
Fax: 410-785-0037
www.empmtg.com

• Why has my monthly payment amount changed?

There are several reasons why your monthly payment amount may have changed. It could be due to the following:

- Adjustable Rate Mortgage – Your rate may have recently adjusted up or down, as stipulated in your loan agreement or note.

- Principal Prepayments – If you recently provided us with a principal prepayment, your new monthly payment may be based on a lower balance. The lower balance may result in a lower monthly payment.

- Escrow Analysis – A recent analysis of your escrow account may have resulted in lower or higher property taxes, or other related items.

• Why did my old company sell my loan?

Depending on the lender, mortgages are commonly bought and sold in the secondary market. It is a very common occurrence and the companies involved know how to handle it. In fact, the only change that you, as a consumer, should see is the change in the name of the company and the address to which you will mail your payments.

• What happens if I mailed my payment to my prior mortgage company or servicing agent after the transfer date?

The prior mortgage company or servicing agent servicing your loan will forward the payments to Empire Mortgage and you will receive proper credit to your account.


About Selling to Empire Mortgage

• What is first step in selling residential & mixed-use mortgages to Empire Mortgage?

The first step in selling residential and mixed use mortgage loans to Empire Mortgage is to provide us with your summary loan data. This enables us to provide you with a preliminary bid, which indicates the potential value of your assets.

You may send your loan information to one of the following contacts:

Nikki Gordon
Account Executive

(410) 785 0022 x106
(410) 785 0037 (Fax)
nicoleg@empmtg.com



Charles Hodge
V.P. Acquisitions

(800) 785 6499 x142
(410) 510 1176 (Desktop Fax)
charlieh@empmtg.com




Due diligence will begin immediately upon your acceptance of our preliminary indicative bid.


• What is the first step in selling hard money loans to Empire Mortgage?

The first step in selling hard money loans that have already been originated to Empire Mortgage is to provide us with your summary loan data. This enables us to provide you with a preliminary bid.

You should send your hard money loan information to one of the following Hard Money Loan contacts:


Nikki Gordon
Account Executive

(410) 785 0022 x106
(410) 785 0037 (Fax)
nicoleg@empmtg.com



Charles Hodge
V.P. Acquisitions

(800) 785 6499 x142
(410) 510 1176 (Desktop Fax)
charlieh@empmtg.com




• What type of mortgages does Empire typically purchase?

Empire Mortgage specializes in purchasing performing, sub-performing, non-performing and distressed residential and mixed-use mortgage pools. For example, we typically purchase the following types of loans:

•Loans that have been stranded on warehouse lines of credit

•Securitization Fallouts

•Collapsed Bond Issues

•Collapsed Securitizations

•Sub-performing and non-performing portfolio loans

•FHA/VA Loans with or without insurance

•Loans rejected by FNMA and or correspondents

•Hard Money Loans

• How Long does it typically take to close a loan purchase transaction?


Upon your acceptance of our indicative preliminary bid, we will immediately begin performing due diligence on your pool of mortgages. Funding can typically occur within 3 to 4 weeks of receiving your summary loan data.



• Do you only look at pools of mortgages over a certain size?

Empire Mortgage actively bids on single loans and small, medium and large pools of mortgages. We do not limit ourselves by any minimum size or minimum number of loans.

• Will you consider purchasing assets other than residential mortgages, such as REO, commercial, auto or consumer loans?

Empire Mortgage does not typically purchase assets other than residential and mixed-use mortgage pools and hard money loans.


About Hard Money Loans

• What is a Hard Money Loan?

A "hard money" loan is a loan collateralized or secured primarily with equity in the borrower"s property. This type of loan has a higher interest rate than other conventional mortgage loans and is for borrowers who do not qualify for conventional mortgage loans. Hard money loans are also sometimes called "private money" loans.

• What is the first step in getting a Hard Money Loan from Empire Mortgage?

Empire Mortgage can only make or originate Hard Money loans in Maryland. We can purchase Hard Money loans originated in all other States, without regard to how long ago the loan was made (seasoning). The first step in obtaining a Hard Money loan is to provide us with information regarding the borrower and the property. Typically, this is done by sending us the Fannie Mae Application (Form 1003) and most recent appraisal of the property. You should send this information to either:

Nikki Gordon
Account Executive

(410) 785 0022 x106
(410) 785 0037 (Fax)
nicoleg@empmtg.com



Charles Hodge
V.P. Acquisitions

(800) 785 6499 x142
(410) 510 1176 (Desktop Fax)
charlieh@empmtg.com


 

 

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