About Us
First Equity Mortgage Bankers, Inc., better known by its acronym, FEMBi Mortgage, began its mortgage-financing career under the name of No Equity Mortgage Company in September 1997.
The company was originally founded to market and originate high loan to value residential second mortgages. With the down sizing of the over-equity loan market in late 1998, and the company's expansion into the origination of government and conventional first mortgage loans, the company name evolved to its current name; FEMBi Mortgage.
In early 1999, First Equity approached the largest and most established single-family residential developer in Puerto Rico to offer the Company’s mortgage lending services. The builder agreed to have FEMBi Mortgage as the exclusive on-site lender at all of their residential developments. FEMBi Mortgage has since established business relations with several other homebuilders in order to provide on-site home financing options to their buyers. Our underwriting staff approves the subdivision reports and Master Appraisal Reports for every new FHA housing project for its builder clients, and subsequently originates the permanent financing for the individual housing units.
Since inception, FEMBi Mortgage has made substantial investments and a concerted effort to provide the underserved Hispanic market with affordable home financing options in Georgia, Puerto Rico and Florida. All marketing, advertising, and information literature is printed in English and Spanish. Furthermore, at least one fluent Spanish speaker is employed at every position in each office in order to answer questions and to help make the home buying experience as stress-free as possible for Spanish speaking families.
South Florida CEO and The South Florida Business Journal list FEMBi Mortgage as the one of the TOP 100 Private Companies and one of the TOP 100 Fastest Growing Companies in Florida. Caribbean Business also lists FEMBi Mortgage as the largest privately held mortgage company with operations in Puerto Rico. In their yearly rankings of the Top 500 Hispanic owned businesses in the United States, Hispanic Business ranks FEMBi Mortgage in the top 5% of the nation based on gross revenues.
FEMBi Mortgage is an unsupervised mortgage lender approved by the Department of Housing and Urban Development, the Department of Veteran Affairs, and the Department of Agriculture to originate FHA, VA, and Rural Housing loans, respectively. FEMBi Mortgage is also an approved "Seller/Servicer" of Fannie Mae and Ginnie Mae, and has delegated underwriting privileges with several of the nation’s largest institutional investors.
FEMBi Mortgage currently employs over 100 professionals, including 42 full-time loan originators. The Company maintains two main processing offices: one in South Miami, Florida, and one in San Juan, Puerto Rico, but also has several smaller origination centers throughout Florida and Puerto Rico. FEMBi Mortgage has enjoyed steady and significant growth in loan production, revenue, and net income during the last four years. Since fiscal year-end 2000, the Company has increased yearly gross revenues from $32,000,000 to almost $300,000,000 in 2005.
What Sets Us Apart From The Others
FEMBI is a direct lender, or a Mortgage Bankers, which means that you will never pay a mortgage broker fee. What's more, you will get the most competitive terms and lowest interest rates available…Guaranteed!!!
As a Mortgage Bankers we derive our products from many sources, unlike commercial banks or savings and loans that are limited by the availability of their own deposits and a single lending philosophy.
Our professional staff possesses an extraordinary range of knowledge and expertise beneficial to clients whose application requires specialized attention.
We fund all of our loans either from our own funds or from multi-million dollar warehouse lines of credit established with several commercial banks.
Mission Statement
To provide and foster a positive, progressive, and challenging working environment where employees eagerly anticipate work each day, where our customers receive unparalleled product and service delivery, and our stockholders maximize their return on investment.
Dedication to Personal Service
We custom tailor our efforts to meet each of our client's special needs. Teamwork is essential to maximize efficiency and encourages our pursuit for perfection.
Open Communication enables us to maintain close dialogue with each and every client and allows us to provide the best service with minimal demands on our clients.
Technical Resources
Our fully computerized system provides access to Freddie Mac and Fannie Mae automated underwriting systems, in addition to several other proprietary underwriting engines. Our state of the art systems allow us to perform our tasks at a fraction of what it costs our competitors and we, in turn, pass those savings to our customers.
Does FEMBI Mortgage Bankerss have mortgage programs to fit all kinds of financial situations?
FEMBI has established long-standing relationships with many investors to insure that the most competitive and versatile lending products are available. Hence, FEMBI can offer a variety of mortgage lending programs and loan features. We strive to meet as many financial circumstances as possible. Most loan programs can be customized to fit the individual needs of the borrower.
What makes FEMBI Mortgage Bankers different?
FEMBI is fully automated to offer our customers the added convenience and efficiency of computerized application, processing, and closing. We maintain a professional staff, trained to give our customers knowledgeable, accurate and personalized service. We are the automated leader with the personal touch. You will never talk to a machine! Our customer relations department is ready to serve your every need.
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