014: Lender Spotlight: What is a Monoline Lender?

In this episode, Tanya shares the mic with Aaron Rainville, Business Development Manager with RMG Mortgages. Apart from banks and other financial institutions, monoline lenders are another option for real estate buyers who are looking into getting a mortgage. Today, Aaron talks about their company’s lending, what niche products they offer, and why monoline lenders might be a buyer’s better option.

Covered Topics:

  • Monoline Lender/Monoline Lending
  • About RMG Mortgages
  • RMG Mortgages’ Niche Products

Podcast Show Notes:

  • [00:43] – Tanya welcomes Aaron to the show
  • [00:50] – Aaron explains what a Monoline Lender is
    • Non-deposit-taking lender
    • Servicing mortgages through customer service department, online client portal, or through a client’s mortgage broker
    • Penalties are lower
      • Posted rates VS discounted rates
    • [03:54] – Monoline Lenders only deal within the broker channel
      • RMG Mortgages has over $70B in assets under their administration
    • [04:52] – RMG Mortgages has existed since 2012
    • [05:26] – More about RMG’s business model
      • Focusing on what they do best
    • [06:45] – Aaron talks about RMG’s niche products
      • Cash Back Mortgage
      • Low Rate Basic
      • Purchase Plus Improvement
      • Transfer Program
    • [15:35] – Connecting with RMG
      • Through brokers
      • Through customer service
      • Through RMG’s client portal

Topic Takeaways:

  • Don’t hesitate to ask your broker for options that might be available to you in getting a mortgage.

Mentioned Resources:

  • RMG Mortgages – Monoline lender company where Aaron works for
  • Client portal – Where clients can know more about RMG’s products

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