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Many Military Families Are Unable to Close VA Streamline & IRRRLS

AME Financial Corporation recently received notification from one of their main mortgage investors that they have been suspended from selling VA streamline loans or VA IRRRLS.

Lehi, UT, October 30, 2009 --( AME Financial Affects Military Loan Market

Many Military families are unable to close VA streamline & IRRRLS due to recent AME Financial suspension. customers will still receive the lowest rates and best customer service.

AME Financial Corporation recently received notification from one of their main mortgage investors that they have been suspended from selling VA streamline loans or VA IRRRLS.

The recent suspension has affected one of LowVARates' approved and authorized VA Lenders, Flagship Financial Group. LowVARates and Flagship Financial are dedicated to helping all veteran homeowners as best they can.

The recent suspension will not affect future rates and loyalty to the military homeowners of America. LowVARates will still offer the lowest rates and best customer service available in the VA loan market.

“The suspension is unfortunate for those military families who were in the loan process with AME,” said President of Eric Kandell. “ and our partners will not be affected by the financial suspension of AME. We understand the needs of military homeowners and will provide the best rates and service in the VA market.”

AME is a correspondent lender and takes loans from third party originators (TPO). AME closes, funds, and sells these brokered loans to mortgage investors. The recent suspension has come from one of AME’s main mortgage investors.

Many VA streamline loans have been denied because of the recent suspension and for the time AME has completely stopped processing IRRRLS and VA refinances. The AME suspension has affected many veteran homeowners involved in a streamline or refinance process.

Because AME is a correspondent lender, they never have a direct relationship with the veteran home owners or other borrowers. The broker/TPO deals directly with the customer throughout the loan process. The broker, Flagship Financial, consequently has to handle and manage the brunt of the difficult situation. Many angry and disappointed veterans are currently unable to finish the streamline loan process.

In the course of the past year, well over 150 correspondent lenders have been forced out of business by tightening credit guidelines, increasingly strict investor relationships, and slowdowns in the mortgage industry.

Flagship Financial has built their business around catering to the home loan needs of Veterans. Flagship, like all of LowVARates approved lenders, has worked hard to bring the lowest rates, best service, and widest array of loan products to veteran homeowners.

Flagship Financial loan officer, Jason Skinrood, is frustrated with the current situation.

“Interest rates have gone up a lot higher than the current interest rates at which we have locked in and promised our veterans,” Skinrood said. “AME and its inability to honor these locks are now causing borrowers to have to take higher rates and in some cases perhaps lose the entire refinance.”

Unfortunately, Flagship Financial and other brokers are currently caught in the middle of a sticky situation between veteran homeowners and AME. Many veteran homeowners have been promised certain interest rates and closing dates, but are now being told AME cannot honor these commitments and promises.

The Chief Operating Officer of Flagship Financial, Annette Lowder, is disappointed with sudden suspension of AME.

"We have veteran home owners that have closed on their loans, signed the dotted line and have acted in good faith, whose loan rescission period is up and AME refuses to fund these loans,” Lowder said. “It’s putting America's finest in financial jeopardy and hardship."

AME has not commented on the current situation and has not responded to inquires.

For the past 20 years has been dedicated to serving veteran homeowners. We specialize in providing VA loans to qualified veterans for mortgage purchases and refinances. These loans provide lower interest rates and monthly payments than other traditional loans. VA loans are currently the only program left that allows no-money-down loans providing a secure mortgage option guaranteed by the Federal Government. Our professional staff and loan officers will assist you to lock in low interest rates and take advantage of the unique opportunity provided through VA loans.

About Flagship Financial
The Veteran Services Department of Flagship Financial specializes in assisting veterans and active-duty military personnel with obtaining new home loans and, if the situation calls for it, refinancing their mortgages. The specialists in this department have many years of combined experience, and have addressed the needs of borrowers in practically every situation imaginable over the years.

Flagship is a direct mortgage lender with VA approval to originate VA Home Loans. The VA Home Loan Guaranty program is administered under the U.S. Veterans Benefits Administration, which approves the qualified lenders that are allowed to do VA Mortgages for eligible borrowers. We are not the VA; rather, specialists in this department have been originating VA-Guaranteed Home Loans since 1997. These loans are backed by the good faith and credit of the Federal Government.

About AME Financial Corporation
We offer mortgage professionals a wide range of innovative mortgage products with the highest level of service in the broker community! Our highly experienced sales and operations teams are committed to providing consistent underwriting and fast turn-times with some of the best pricing in the industry since 1989. We place a high value on our business relationships and are ready to partner with you to build your business today.

Craig Walton
Director of Public Relations
Office: 801-341-7048

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Low VA Rates
Craig Walton

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