The Mortgage Store Financial, Inc., is a wholly owned subsidiary of TMSF Holdings, Inc. TMSF Holdings, formerly known as Little Creek, Inc., was founded in 1980 and is headquartered in Los Angeles, California. The Mortgage Store is engaged in nationwide residential mortgage banking to originate, finance, and sell conforming and non-conforming mortgage loans secured by single-family residences.
The Mortgage Store specializes in loan products commonly known as Alt-A mortgages for one-to-four-unit family residences. Recently, The Mortgage Store expanded its loan programs to include Type A loans (including government-insured loans), as well as sub-prime mortgages for borrowers with lower credit ratings. Currently, all mortgage loans are sold to investors, typically within 30 to 90 days of funding. Upon origination of these mortgages, The Mortgage Store sells such notes secured by real properties, on a whole-loan basis, for cash, to investors who either retain these mortgages for their own portfolios or pool them into mortgage-backed securities offered in the financial markets.
Raymond Eshaghian has been the Company’s CEO, President and Chairman since October, 2002. Daniel M. Rood joined the Company as CFO on May 12, 2005. Under their guidance the Mortgage Store has filed to become a REIT (real estate investment trust)and enjoy the tax benefits thereof. The Mortgage Store’s automated underwriting technology streamlines the pre-approval and approval process.
This enables The Mortgage Store’s participating independent mortgage brokers to have instant credit and pricing decisions on each loan. Generally, mortgage brokers submit a loan application to more than one lender at the same time in order to compare rates and terms for the best offer. The Mortgage Store’s underwriting technology, which management plans to upgrade further in 2006, significantly improves the responsiveness of its participating mortgage brokers to the needs of their customers, enhancing their selling power. It also automates the Company’s prudent underwriting and quality control procedures.
Loans offered by The Mortgage Store
The Mortgage Store provides an assortment of loan programs that are tailored to the individual needs of their customers. Some of those programs are listed below:
- Full-Documentation Loans –Conventional and Combo
- Sub-Prime Loans (for borrowers with category “B” and “C” credit ratings)
- FHA and VA loans
- Hybrid Adjustable-Rate Mortgages (with initial fixed interest rate periods of one, two, three, five, or seven years, which convert to adjustable-rate mortgages )
The mortgage store is focused on guiding the customer through the mortgage process with a high degree of financial expertise. In order to access this service the potential borrower must ask his loan broker if he works in conjunction with The Mortgage Store.
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