Money Market Mortgage, LLC was founded on May 15, 1997 and is one of the premier mortgage companies in the State of Connecticut. Our company motto is "Knowledge is Life."
Money Market Mortgage (MMM) has brokered and funded over $750 million in loans since our inception as a specialty finance company. MMM is engaged in the business of originating FHA, Conforming, Jumbo and Non-confroming residential and commercial mortgage loans, which are secured to 1-4 family residences and all types of commercial properties.
Lender/Broker Policy
In order to address the growing concerns and myths in the current mortgage marketplace, MMM only particpates in loans that are of benefit to borrowers. While there is no recognized definition of "predatory lending", the practice involves value deception or fraud, borrower manipulation and taking unfair advantage of theie lack of understanding about loan terms. Certain standards of fair lending should be followed by all lenders and mortgage brokers in the home equity sector to help eliminate the existence of predatory lending practices. MMM will not steer borrowers to inappropriate products that may result in a loan which is of no benefit to them.
MMM loan decisions will be based primarily on the repayment ability of a borrower. MMM will not be involved in flips or flip customers. Flipping refers to the practice where loans are refinanced with a larger loan amount with the additional proceeds paying for fees and charges, such as, loans refinanced within 12 months of the prior loan which has no tangible benefit to the borrower. MMM will firmly inform borrowers of all loan terms and conditions including the risks and benefits of the loan transaction. MMM fees and rates are competitive and represent the credit risks, costs and services associated with the origination of loans with proper disclosure.
MMM is not involved in insurance, such as: credit life, disability or home warranties. MMM discloses fully pre-payment penalties and borrowers are given the option to obtain loans without pre-payment penalties.
MMM Due Diligence Process
Includes analyzing credit from the loan application, processing the file and closing the loan, all following strict adherence to the guidelines set forth by a particular lender.
1) Borrowers capacity to repay the loan as it relates to borrower's credit history, stability of monthly income and debt-to-income ratio.
2) The appraisal of the mortgaged property to ensure that such value adequately supports the loan amount.
3) The legal documents, which include: Truth-in-Lending, Real Estate Settlement and Procedures Act requirements and the loan security documents.
4) The benefits to the borrower of certain refinances made with 12 months of the previous loan.
5) The relationship between the borrower's credit profile and the cost of the loan.
6) Certain loan pre-payment penalties.
7) Loan amount as compared to the amount being financed.
MMM will continue to closely monitor regulatory and legislative developments relating to the mortgage market and will update this policy accordingly.
Money Market Mortgage, LLC was founded on May 15, 1997 and is one of the premier mortgage companies in the State of Connecticut. Our company motto is "Knowledge is Life."
Money Market Mortgage (MMM) has brokered and funded over $750 million in loans since our inception as a specialty finance company. MMM is engaged in the business of originating FHA, Conforming, Jumbo and Non-confroming residential and commercial mortgage loans, which are secured to 1-4 family residences and all types of commercial properties.
Lender/Broker Policy
In order to address the growing concerns and myths in the current mortgage marketplace, MMM only particpates in loans that are of benefit to borrowers. While there is no recognized definition of "predatory lending", the practice involves value deception or fraud, borrower manipulation and taking unfair advantage of theie lack of understanding about loan terms. Certain standards of fair lending should be followed by all lenders and mortgage brokers in the home equity sector to help eliminate the existence of predatory lending practices. MMM will not steer borrowers to inappropriate products that may result in a loan which is of no benefit to them.
MMM loan decisions will be based primarily on the repayment ability of a borrower. MMM will not be involved in flips or flip customers. Flipping refers to the practice where loans are refinanced with a larger loan amount with the additional proceeds paying for fees and charges, such as, loans refinanced within 12 months of the prior loan which has no tangible benefit to the borrower. MMM will firmly inform borrowers of all loan terms and conditions including the risks and benefits of the loan transaction. MMM fees and rates are competitive and represent the credit risks, costs and services associated with the origination of loans with proper disclosure.
MMM is not involved in insurance, such as: credit life, disability or home warranties. MMM discloses fully pre-payment penalties and borrowers are given the option to obtain loans without pre-payment penalties.
MMM Due Diligence Process
Includes analyzing credit from the loan application, processing the file and closing the loan, all following strict adherence to the guidelines set forth by a particular lender.
1) Borrowers capacity to repay the loan as it relates to borrower's credit history, stability of monthly income and debt-to-income ratio.
2) The appraisal of the mortgaged property to ensure that such value adequately supports the loan amount.
3) The legal documents, which include: Truth-in-Lending, Real Estate Settlement and Procedures Act requirements and the loan security documents.
4) The benefits to the borrower of certain refinances made with 12 months of the previous loan.
5) The relationship between the borrower's credit profile and the cost of the loan.
6) Certain loan pre-payment penalties.
7) Loan amount as compared to the amount being financed.
MMM will continue to closely monitor regulatory and legislative developments relating to the mortgage market and will update this policy accordingly.