Briefs: New Ginnie Mae EVP, New Northmarq Loan Program
Tucker, Michael firstname.lastname@example.org
Ginnie Mat Taps Corsiglia as Executive Vice President, COO
Ginnie Mae, Washington, D.C., announced that Nancy Corsiglia will join the government corporation as Executive Vice President and Chief Operating Officer, reporting to President Ted Tozer.
Corsiglia will administer Ginnie Mae's $1.7 trillion mortgage-backed securities and real estate mortgage investment conduit programs. She will also manage Ginnie Mae's daily operations, including all MBS operations, counterparty relationships, contracting, budget and legislative initiatives and overall risk management.
Corsiglia replaces Mary Kinney, who retired from Ginnie Mae in February.
Corsiglia has more than 25 years of financial services and mortgage industry experience. Prior to joining Ginnie Mae, she was a Managing Director at the Devonshire Advisory Group. She has also served in a variety of positions at Federal Agricultural Mortgage Corp., including Executive Vice President, Chief Financial Officer and Vice President of Business Development.
Ginnie Mae is a wholly owned government corporation within HUD.
NorthMarq Capital Creates NorthMarq Direct
NorthMarq Capital, Minneapolis, created a new loan program called NorthMarq Direct with a life-company style execution that targets multifamily loans between $3 million and $10 million.
NorthMarq Direct will offer a proprietary balance sheet program as an additional capital solution for NorthMarq clients. NorthMarq's team will rate lock, underwrite, close and service these mortgages and will remain point of contact with the client for the life of the loan.
"Borrowers are interested in some of the key features offered by life companies but that some loans don't meet those criteria," said NorthMarq Capital Finance President Jay Donaldson. "This program offers a life-company execution, which gives borrowers a new option to consider."
Donaldson said NorthMarq Direct's key features include:
· Multifamily loans in the $3 - $10 million range up to 70 percent loan-to-value
· Rate lock at application
· Flexible loan terms from five to 30 years
· Flexible and customizable prepayment structures
NorthMarq offers financing options through Fannie Mae, Freddie Mac, FHA, life companies, most banks and many commercial mortgage-backed securities lenders.