Mid America Mortgage announces completion of new funding source for its down payment assistance program through J.V.B. Financial Group, LLC

Source: Mid America Mortgage, Inc. | Wed, 05 Jan 2022, 07:00:06 EST
ADDISON, Texas, Jan. 5, 2022 (SEND2PRESS NEWSWIRE) — Mid America
Mortgage, Inc. (Mid America) announced today it has secured an additional
line of liquidity from J.V.B. Financial Group, LLC (member of FINRA and SIPC)
(“JVB”), an indirect controlled subsidiary of Cohen & Company Inc. (NYSE
American: COHN), through the company’s Agency MBS & Gestation Repo
Group.

“While challenging on many levels, the circumstances presented by COVID
have allowed Mid America to innovate our product lines and deliver financing
options that enable more consumers – including low-to-moderate income and
minority borrowers – to realize the dream of homeownership,” said Mid
America Owner and CEO Jeff Bode. “By accessing capital through JVB’s
gestational repo program, we can finance these unique loan programs,
including our down payment assistance program, at a lower cost than a
traditional warehouse line, thus enabling us to grow these programs by nearly
sixfold in 2022.”

JVB’s Gestational Repo Financing allows mortgage originators seeking
incremental returns to make short-term investments into a Ginnie Mae
(GNMA) security, which carries a zero-risk weighting, as an alternative means
of securing capital markets financing. Gestation repo enables GNMA issuers to
pool these securities faster while also reducing issuers’ funding costs and
improving their cash position.

“Mid America Mortgage has placed itself in a strategic position to capitalize
on the implementation and utilization of a gestation repo facility such as ours
within its mortgage pipeline operations,” said Tom McHugh, Managing
Director and Head of the Mortgage Group at J.V.B. Financial Group, LLC. “JVB
is excited to partner with the team at Mid America.”

About JVB

J.V.B. Financial Group, LLC (“JVB”), a broker-dealer registered with the
Securities and Exchange Commission (“SEC”), a member of the Financial
Industry Regulatory Authority (“FINRA”), and a member of the Securities
Investor Protection Corporation (“SIPC”). JVB focuses on four distinct business
lines: (1) Mortgage Trading and Financing (focusing on providing capital
market services to middle-market mortgage originators seeking to enhance
their mortgage pipeline execution and overall portfolio profitability and
includes (i) TBA Trading, (ii) Agency MBS Trading, (iii) Gestational Repo
Financing (2) Wholesale Trading & Distribution (focusing on servicing small
fixed income broker-dealers); and (4) Credit Trading (focusing on investment
grade and high yield corporate bonds). For more information, please
visit www.jvbfinancial.com.

About Mid America Mortgage, Inc.

Mid America Mortgage, Inc., Addison, Texas, is a multi-state, full-service
mortgage lender serving consumers and mortgage originators through its
retail, wholesale and correspondent channels. We offer a wide range of
residential home loan programs to meet the needs of most home buyers and
homeowners and are also the nation’s leading provider of Section 184 home
loans for Native Americans. Learn more
at https://www.midamericamortgage.com/.
In operation since 1940, Mid America has thrived by retaining its
entrepreneurial spirit and leading the market in innovation, including its
adoption of eClosings eNotes. Click n’ Close is Mid America’s ultra-secure,
digital mortgage approval and closing process that gets home buyers from
application to closing within two weeks. With just a few clicks at closing, Click
n’ Close puts keys in the home buyer’s hand in 15 minutes or less. Apply
online at https://www.midamericamortgage.com/click-n-close/#cnc.