ATLANTA, Dec. 17, 2020 /PRNewswire/ -- Over the past year, Silverton Mortgage introduced and improved several programs to help future homebuyers. While 2020 began with predictions of what the housing market may have in store, nothing could have prepared the industry for what was coming. A worldwide pandemic, entering the United States at the beginning of the year, brought with it a brand-new set of challenges for the industry. In March, the financial services industry, including mortgage lending, was deemed essential and continued to operate with new safety precautions in place as much of the country began to shut down in response to COVID-19. This allowed Silverton to continue helping customers finance their home purchases and refinances as smoothly as possible, while adapting to the sudden and new circumstances.
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Navigating A New Normal
So far, this year has brought record-low interest rates and a surge in housing demand as Americans shift their priorities to more space, perhaps for a home office, bigger backyards, and even vacation homes. However, as the risk of government mandated mortgage forbearance and mortgage defaults became more likely, many financial institutions tightened their lending standards. This made it harder for many who had their hopes set on owning a home in 2020.
As Silverton looked for ways to navigate these unforeseen circumstances, the company rolled out several new programs designed to keep homeownership within reach. Silverton understands millions of people across the country need affordable housing along with a variety of financing options to choose from. With the Fannie Mae® MH Advantage® loan program, borrowers have the option to purchase CrossMod™ homes, which are a hybrid of site-built and off-site built homes and offer enhanced interior and exterior features such as permanent foundation, covered porch, garage or carport, elevated roof pitch and more.
By working to maintain a clear path to homeownership for Silverton borrowers, the company hopes the current climate doesn't deter those who dream about buying a home of their own. The mortgage industry has changed in response to COVID-19, but it doesn't mean that the goals of customers aren't attainable.
Saying Thanks to Veterans
This year, Silverton Mortgage began offering zero lender fees to eligible veterans and active military who finance their home purchase using our VA* loan program. By eliminating lender fees, Silverton Mortgage is aiming to make a good deal even better for those in the armed forces with an additional savings of up to $1,295 on new applications, depending on the state and loan program. Considering the number of fees associated with the homeownership process, this is a significant cost that Silverton Mortgage is happy to accept on behalf of qualified veterans.
With over 18 million veterans and active duty troops in the United States, the company appreciates the decision they've each made to serve this country and is honored to help them realize all the benefits available when financing their home purchase. Silverton Mortgage looks forward to continuing to help eligible veterans through the VA Loan Program in 2021 and beyond.
Awards & Recognitions
Silverton Mortgage ranked fifth in the mid-size company category of the AJC® 2020 Top Workplaces contest. It was also recognized by the Atlanta Business Chronicle as one of 2020's Best Places to Work in the Large Company category.
Both honors were especially meaningful this year as Team Members adjusted to a COVID-19 world while also rising to the occasion when presented with a record amount of loan applications. These awards have proven what the company has known all along - that team members are what make Silverton great. Team Members truly embodied Silverton Mortgage's motto, "One Team. One Goal." when it mattered most.
Here We Grow Again
Perhaps the most exciting development of 2020 has been the company's growth. While Silverton has always offered select work from home positions, this year team members in over 15 states were added to its remote work team. Silverton's team grew by more than 50% during a time when many industries were making cuts to their workforce.
The Silverton Foundation
The Silverton Foundation was established in 2013 by Josh Moffitt, President and Founder of Silverton Mortgage. As a non-profit organization, The Silverton Foundation furthers Silverton's mission by providing mortgage and rent assistance to families with sick children.
While it was a trying time for many in 2020, The Silverton Foundation was still able to help numerous families because of a successful year of fundraising. The sixth annual Chip In For A Cause golf tournament surpassed its fundraising goal while breaking an all-time record. This year's event boasted nearly 100 participants in addition to 130 sponsors and donors whose contributions totaled more than $100,000. The funds raised will benefit over 100 families with children battling severe health issues.
Silverton Mortgage donates money in honor of all new Silverton customers to help families make their housing payments. Other donations are made through Silverton Mortgage employee giving, private donations and fundraising.
As 2020 comes to an end, Silverton is ready for a new year filled with new opportunities. The company's goal is what it's always been: to put the right combination of financial tools and top-rated service together to meet clients' specific mortgage needs.
The Silverton team is excited to start off the new year with a newly redesigned website. Those who visit silvertonmortgage.com will enjoy a user-friendly experience that makes exploring Silverton's loan programs and resources easier than ever, offering a streamlined experience to potential borrowers as they search for home financing options.
The company is hopeful that great things are in store for 2021 as the housing market shows no signs of slowing down. With about seven in every ten workers now working remotely, it's led to almost 16 million people moving. This has resulted in an estimated two million renters who are now able to become homeowners as they are presented with opportunities to move to more affordable areas of the country. Considering the expectations that mortgage rates will remain low, there's a real possibility that homeownership can become a reality for millions of Americans.
About Silverton Mortgage
Founded in 1998, Silverton Mortgage is a recognized industry leader within the mortgage community. Our Team Members recognize that home loans are as diverse as the people who seek them and work closely with borrowers to find the right program to fit their unique needs. We are guided by the strong belief that communication is key, which is why we take pride in helping you through the entire loan process, from application to closing, managing all aspects in-house. This way, loans close faster, and you know what's going on every step of the way. Unlike many other mortgage companies, we count our success one loan, one happy customer, one family in a home at a time.
All loans are subject to credit approval.
All trademarks are property of their respective owners.
*Silverton Mortgage is authorized to originate VA loans, but it is not an agent of, or affiliated with, the U.S. Government.
Vanderbilt Mortgage and Finance, Inc., dba Silverton Mortgage, 1201 Peachtree St NE, Ste 2050, Atlanta, Georgia 30361, 855-815-0291, NMLS #1561, (http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act license, Georgia Residential Mortgage (Lic. #6911), MT Lic. #1561, Licensed by the N.J. Department of Banking and Insurance, Licensed by PA Dept. of Banking, Rhode Island Licensed Lender. All information is believed accurate and is subject to change without notice. Equal Housing Opportunity.
SOURCE Vanderbilt Mortgage, Inc.