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The Home Ownership Accelerator™ (HOA™) has been nearly 4 years in development and borrowers in the U.S. have been closing on this loan since 2005. It is based on a similar type of loan that has been popular for over 20 years in Australia, Great Britain, Italy and Canada (about $100 billion in home loans annually). The HOA™ was developed by CMG Financial Services, Inc. (CMG). CMG is the holding company for CMG Mortgage, Inc., one of the nation's leading wholesale mortgage banks with offices in San Ramon, CA; Phoenix, AZ and Manasquan, NJ. CMG, a privately held company founded in 1993, employs over 400 people, and closed over $3 billion in loans during 2007. It is headquartered in San Ramon, CA and lends in 40 states.
A key partner with CMG is Fannie Mae, who underwrites and purchases the Home Ownership Accelerator™ loans from CMG. GMAC Bank powers the highly transactional nature of the loan -- things like clearing checks, handling ATM transactions, and online bill-pay. It also provides day-to-day customer service for specific account-related inquires. GMAC Bank is a part of GMAC Financial Services (GMAC), which is a leading global diversified financial services company with operations in 40 countries that include automotive financing, real estate financing, insurance and commercial financing. At the end of 2007, GMAC held more than $248 billion in assets. |
