EquityAccess Mortgage will originate low rate, government and conventional mortgage loans for factory-built homes, primarily focusing on existing homeowners. EquityAccess Mortgage will be vertically integrated with the FoundationWorks permanent foundation system which has a unique, proprietary, and cost-effective method to retrofit existing foundation systems. In addition, EquityAccess will originate home only, chattel manufactured home loans as well as non-conforming loans such as single & multi section land/home loans.
Greensboro, NC (PRWEB) December 22, 2007 -- FoundationWorks, Inc, an innovative factory-built housing foundation manufacturer and site services provider is pleased to announce the formation of their wholly-owned mortgage subsidiary, EquityAccess Mortgage, Inc.
EquityAccess Mortgage will originate low rate, government and conventional mortgage loans for factory-built homes, primarily focusing on existing homeowners. EquityAccess Mortgage will be vertically integrated with the FoundationWorks permanent foundation system which has a unique, proprietary, and cost-effective method to retrofit existing foundation systems.
"There is in excess of 1 million factory-built homes sited on real property today that can't take advantage of low rate mortgage loans primarily because their foundations don't qualify as permanent," commented Andy Griggs, President of EquityAccess Mortgage. "This product combination will provide owners and prospective owners a viable, low cost option to access rate and term refinances comparable to site-built homes, while allowing them to tap into equity that was previously inaccessible."
"This offering will be an important contribution to improving the re-sale, or re-finance value of existing factory-built homes, one of the key issues that would allow for factory-built housing to assume a more prominent role in the nation's affordable housing needs," stated Thom Cross, CEO of FoundationWorks.
"This dynamic partnership will not only allow us to break new ground but will be instrumental in making factory-built housing a better investment and will positively impact the industry as a whole."
EquityAccess Mortgage, will be managed by Andy Griggs, President, who held executive level positions at Chemical Financial Services, Oakwood Acceptance Corporation, HomePride Finance and CU Factory Built Lending. Mr. Griggs will be joined by Terry Richardson, Executive Vice President of Operations, whose tenure includes executive level positions with Chemical Financial Services, Oakwood Acceptance Corporation, HomePride Finance and CU Factory Built Lending. Tommy Lanier and Donny Sparkman will serve as Business Development Managers.
Headquartered in Greensboro, NC, FoundationWorks, Inc. is a provider of a highly innovative foundation system that is accepted as permanent for conventional, FHA and VA financing; is quicker to install, hours vs. days; and is about half the price of conventional site-poured systems. FoundationWorks, Inc. is committed to improving the structural performance and visual appearance of factory-built homes utilizing a national network of major distribution partners. Its wholly owned subsidiary, EquityAccess Mortgage, Inc., originates low rate, government-assisted and conventional mortgage loans for factory-built homes. For more information please visit www.foundationworksinc.com.
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