Mortgage Industry veteran Bob Ord has been hired by Invis/MI, a national mortgage brokerage firm, to launch Title Mortgage Investment Corporation.
Title is a new MIC that will be owned, at least in part, by Invis/MI.
Ord says Title will “develop innovative, non-standard products and shorter-term financing solutions” for brokers. “We’re not going to compete with traditional insured lenders.”
“A MIC is a great vehicle in this environment,” says Ord, noting its lending flexibility and return potential for investors.
He adds, “The opportunity for the brokerage world is in the non-standard stuff…Banks are eating us up on the insured side.”
Title is currently in the early planning stages, according to Cameron Strong, Chairman of Invis and Mortgage Intelligence. It’s expected to launch later in 2012 and will focus entirely on uninsured lending, specializing in alt-A and B mortgages.
Title will be funded by investors, the majority of which can’t be announced at this time, says Strong.
Bob Ord is a well-known industry figure, who last ran Mortgage Architects before parting ways in June. Prior to that, he was pivotal to the development of companies like FirstLine, Filogix, Mortgage Intelligence and others.
Rob McLister, CMT
Last modified: April 26, 2017
Good to see you back Bob.
It’s Interesting that Invis/MI is having a difficult time paying their bills. Their head office is up for a Sublease and the word on the street is that they are using agent’s commission’s accounts to pay their bills.
They have approached 2 major lenders to ask for money, which both have said no. They haven’t paid their annual dividends as well!
That company will be out of business in the next 90 days!
Just as a thought Rob; I think that you should require that people posting a comment leave their name. (Their real name, not just a pen-name.)
If they don’t have the courage of their own convictions, we shouldn’t have to read their drivel. And possibly confuse it with the truth.
Wayne Campbell
Invis – Prince George
Hi Wayne,
I know where you’re coming from, especially in light of silly comments like that above.
Anonymous posting makes it easier to submit feedback, which encourages more comments and more candid interaction.
The tradeoff, as we can see here, are misinformed or malicious individuals posting inaccurately. The problem is, it’s often hard to know when some info is bad until after the fact.
It’s also very labourious to confirm actual identity in a forum setting.
At the very least, we probably need an efficient email verification system–something our current platform doesn’t support.
We’ll certainly evaluate more options as we move forward with CMT 2.0.
Cheers…
Rob