Kinecta Launches New Asset Utilization Loan Program

New mortgage program assists high net worth borrowers

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Aug 31, 2011, 08:00 ET

MANHATTAN BEACH, Calif., Aug. 31, 2011 /PRNewswire/ -- Kinecta Federal Credit Union has launched a new Asset Utilization Loan Program for its mortgage lending division. Tailored to Kinecta's 5/1, 7/1 or 10/1 Jumbo ARM, the new program enables high net worth borrowers with significant liquid assets, including self-employed and retired individuals, to use a percentage of those assets as income for qualifying purposes.

"This is a valuable niche and a great opportunity for both our retail members and our wholesale business partners who have clients with strong credit histories and financial backgrounds, but are hampered by complex income situations," says Todd Helmerson, Director of Wholesale Loan Production.

Considered as eligible assets for the new loan program are checking, savings, CDs, stocks, bonds, 401K, IRAs, and insurance policy surrender values. All must be fully documented and held in U.S. financial institutions. Annuities, trust funds and hedge funds also may be used as long as there is evidence that the funds are available to the borrower.

Available for loan amounts from $417,001 to $3,000,000, Kinecta's Asset Utilization Loan Program takes its place alongside several other specialized offerings from Kinecta, including FNMA HomePath(1) mortgages and MI-insured Jumbo loans with high LTVs and above FHFA loan limits. Retail members interested in learning more about Kinecta's Asset Utilization Loan Program can speak with a Mortgage Loan Consultant. Interested brokers should contact Kinecta to arrange to speak with a Wholesale Account Executive.

Kinecta Federal Credit Union is a direct lender providing a range of fixed and adjustable home loans for purchase or refinance. It offers attractive loan products through agency, portfolio, and FHA lending, in addition to wholesale and correspondent lending and special loan programs offered in conjunction with leading mortgage insurance providers.

Kinecta Federal Credit Union is one of the nation's largest credit unions, with approximately $3.5 billion in assets and more than 225,000 members nationwide. Headquartered in Manhattan Beach, Calif., Kinecta offers its members a full range of financial products through the Credit Union and its subsidiaries, Kinecta Financial & Insurance Services, Apollo Insurance Services, and Kinecta Alternative Financial Solutions, dba Nix Financial. Kinecta Federal Credit Union is a not-for-profit, financial cooperative that is solely owned by its members. For more information about Kinecta's Wholesale Mortgage Lending division, visit www.LoanKinection.com.

Media Contact:
Cathy Dominguez
First Vice President, Marketing & Corp. Communications
310.643.5597
[email protected]

(1) HomePath is a registered trademark of Fannie Mae.

SOURCE Kinecta Federal Credit Union