Article Surfing Archive

Irwin Home Equity, a subsidiary of Irwin Union Bank and Trust Company (IUB) based in San Ramon, California, is a market-based consumer lender that purchases, sells, originates, and services several types of home equity lines of credit, home equity loans, and first mortgages using direct-to-consumer lending, brokers, correspondents, and strategic alliances.

The company started in 1994 when 7 employees developed a Home Equity Business Model in San Francisco's financial district. The business moved on to bigger offices in San Ramon, and in the beginning of 1995, actual operations started with the mailing of 250,000 solicitations to residents in 10 states. By the end of the year, nearly $90 million was originated by Irwin Home Equity in variable rate Home Equity Lines of Credit, and fixed rate Home Equity Loan financing. As the company expanded, Irwin Home Equity introduced an Internet based Retail channel in 31 states in 1999. 53% of all the loan originations in 2005 were represented by this online channel.

Irwin Home Equity is now one of the leading forces in the High Loan to Value home equity lending market, offering first mortgages, 100% and 125% Home Equity Loans and Home Equity Loans Lines of Credits. It provides loan products, solutions, and services to several brokers and correspondents, and its Retail Channel offers loans to fit the lifestyles and need of homeowners. Irwin Home Equity also has a full, in-house servicing capacity for all its loans, and now services over 60,000 loans in-house.

Irwin Home Equity's Broker channel has over 5,900 brokers working in 31 states, representing 27% of all Irwin loans funded in 2005; while its Correspondent channel includes over 260 members in 46 states, representing 20% of Irwin's loan originations. A Corporate Development department was also established in early 2004, and today, Irwin Home Equity claims to have a loan portfolio of over $2.8 billion in over 40 states nationwide, with over 600 employees working under the company.

List of Products:

' 100% CLTV Home Equity Loan - a fixed rate loan with terms from 5 to 25 years.

' 100% CLTV Home Equity Loan Line of Credit ' involving a variable rate, revolving line of credit, which converts to a 10 year fully amortizing loan after the first 10 years.

' 125% CLTV Home Equity Loan ' another fixed rate loan with terms from 5 to 25 years.

' 125% CLTV Home Equity Loan Line of Credit - involving a variable rate, revolving line of credit equal to 125% of a home's value, minus any existing first mortgage balance.

' 100% CLTV Fixed Rate First Mortgage - 100% CLTV Fixed Rate First Mortgage (10 to 30 years terms), which is recommended for consolidating debt, getting cash out, and for rate/term refinancing.

' 100% CLTV Variable Rate First Mortgage - adjustable rate mortgages offering payments for the first 3, 5 or 7 years with stability of fixed rates.

' Piggy-Back 80/20 Loans ' a combined loan-to-value ratios above 80%. The first loan being 80% of the value of the home, and the second loan (piggy-back loan), that covers the difference up to 100%.