Leading National Mortgage Lender Provides Borrowers A No-Cost Solution For Mortgage Payment Reduction

Online, May 7, 2010 (Newswire.com) - MFPR-201002
FOR IMMEDIATE RELEASE

Leading national mortgage lender provides borrowers a no-cost solution for mortgage payment reduction

Metro Finance has developed a no-cost residential mortgage rate reduction program that permanently reduces a borrower's mortgage interest rate and payment.

Farmington Hills, Michigan (METRO FINANCE) May 7, 2010 - Today Metro Finance, a leading national FHA mortgage lender, announced the release of a no-cost rate reduction program for existing FHA mortgages.
"We have developed this no-cost program to benefit good standing FHA mortgagors", said Jason Glass, Senior Sales Manager with Metro Finance. "We understand the challenges that the current economy has had on many families and have developed this program to assist those families by completely eliminating closing costs. FHA mortgage holders can reduce their monthly mortgage payment with no out of pocket costs, and no costs added back into the loan, and they can do it in less than 21 days."

Metro Finance is licensed by the Federal Housing Administration (FHA) to provide borrowers with this program. The program is based on the FHA Streamline Refinance structure, which has been in existence since the early 1980's. However, Metro Finance is the only licensed lender to offer this no-cost version of the program.

"We do everything possible to reduce the complication related to bringing these beneficial government programs to our clients", said Mike Hodges, VP of Operations with Metro Finance. "We leverage our proprietary technology to efficiently execute the FHA streamline program which allows us to reduce our internal processing costs and eliminate the need to charge our clients.
Our biggest challenge is helping prospective mortgage clients understand that this program is real and that there are no hidden costs, as some people are skeptical of 'too good to be true' opportunities. The good news is that the FHA has made some much needed updates to application and closing documents to help inform the mortgagor, in which case it becomes clear that there are no costs to this program."

Another very important advantage to the FHA streamline refinance program is that a property appraisal is not required. Therefore, market conditions will not prevent FHA home owners from taking advantage of this program.

Mike Hodges continues, "We believe that this no-cost approach will be a trend that can be expected with other mortgage products, such as new home purchases for both conventional and government loans in the near future.
The mortgage industry is changing. The pool of mortgage client prospects is much smaller than it was four years ago and competition to capture that pool is fierce. Additionally, today's mortgage client is more sophisticated with respect to lending practices. Lenders that refuse to recognize these dynamics will not be able to compete in the near future. We have always treated our clients with the intent that we will work with them again in the future, and we do this by partnering with them in the acquisition of their loan by absorbing closing costs, versus taking advantage of them like most lenders by charging closing costs."

For additional information on the news that is the subject of this release, contact Mike Hodges or visit http://www.metrofinance.us/.

About Metro Finance:

Metro Finance is a leading national mortgage lender that provides borrowers with a number of mortgage programs for purchase and refinancing. Metro Finance has been providing home owners with mortgagor focused loan products since 1999. Metro Finance's primary office of business is located in Farmington Hills, Michigan.

Contact:
Michael Hodges, VP of Operations
Metro Finance
(866) METRO-33
http://metrofinance.us/

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