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.