In The News
Charter Named Master Servicer for New Mexico Mortgage Finance Authority
Albuquerque, NM (April 16, 2008) Charter Bank, the state's leading mortgage lender, has been awarded an 18-month contract to serve as master servicer for the New Mexico Mortgage Finance Authority, the company announced today.
As one of just two master servicers for the MFA, Charter will purchase mortgage loans made to first-time home buyers under the MFA’s published guidelines, enabling the MFA to securitize those loans and continue its strong support of New Mexico’s housing market.
“We’ve had this contract many times before. This is an important contract for Charter, because it not only allows us to continue to expand our mortgage servicing portfolio, but enables us to support the state’s housing market, particularly with first-time buyers,” said Charter Executive Vice President of Mortgage Lending, Lyle Greenberg.
Charter was one of five financial institutions, and the only New Mexico-based lender, to respond to an RFP put out by the New Mexico MFA. Charter and U.S. Bank were chosen as master servicers by the MFA board, which acted upon the recommendation of the Authority’s staff in making its decision.
Greenberg said it’s impossible to predict exactly how many new mortgages will be issued by lenders around the state under the terms of the new MFA contract, but said Charter hopes to service an additional $150 million in MFA mortgages by the time the new contract expires.
About Charter
Locally owned and operated, Charter provides a diverse range of financial services, including retail banking, residential and commercial real estate lending and insurance.
Founded in 1976, Charter is the fourth largest financial institution in New Mexico and the state’s leading home lender, with assets of more than $1.4 billion and branches in Santa Fe, Rio Rancho and Albuquerque.
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www.charterco.com
