Sunday, April 25, 2010

Atlantic Mutual’s Principal Reduction Program Gains Momentum

Atlantic Mutual, LLC, (“AtMu”) continues forward in securing their first portfolio of loans in June of this year.

Largo, FL (PRWEB) April 26, 2010 -- Only one week after announcing the specifics to their Principal Reduction Program, Atlantic Mutual, LLC, (“AtMu”) continues forward in securing their first portfolio of loans in June of this year. “We have to make this purchase, and we have to do it now,” said Brian Correa, CEO of AtMu, “our clients, and in some respects America as a whole, are depending on us.”

The purchase of the pool of loans is the final critical step in their Principal Reduction Program. After the purchase is complete, AtMu intends to move forward quickly with refinancing all of the loans to current market value. “It’s a breath of fresh air knowing that we are so close to helping so many people,” said Brooke Errett, Managing Partner and CFO.

The steps began in mid-February when AtMu first unleashed their unique Principal Reduction Program.

A Principal Reduction Program (often referred to as “PR' or "Mortgage Principal Reduction Loan") is a program designed to help people who owe more than their property is worth. It's a property relief program for people that are "upside down" on their mortgage, meaning the property is worth less than their current mortgage balance (having negative equity). The Principal Reduction Program enables homeowners to reduce their mortgages to current market value, by securing a new loan with a new lender through a hybrid short refinance, the essence of the Principal Reduction Program.

First, AtMu needed to build the lender and region specific pools of loans, client-by-client. AtMu continues to bring on new clients at a rapid pace, so that the existing pools and new pools fill quickly. “Each portfolio needs around $100 to $500 million in loan principal value,” explained Ms. Errett.

Second, AtMu’s in-house processing and underwriting departments evaluate the files and verify the information provided by clients. Through their individualized investor specifications, AtMu determines ratings for each portfolio, so that investors know what they are purchasing and how those portfolios are expected to perform. Mr. Correa said that “[t]he rating system has been a huge success. We are able to aggregate incredible amount s of information on our clients and rate their performance probability on the individual homeowner. Because we truly get to know our clients, we are better able to predict performance by blending not only financial data but psychological data as well.”

Third, the portfolios are put up for purchase. This critical step is where AtMu is able to determine when clients can foresee having their new, current market value loan. Slated for June, AtMu is taking huge steps this week to insure the purchase goes through. From their home base in Florida, Ms. Errett and Mr. Correa will be traveling to Detroit and New York City this week to meet with board members and investors. “This trip allows us to close the door on our first chunk of loans, while allowing us to open dozens more,” said Ms. Errett.

Finally, the purchased loans are refinanced into new, current market value loans. AtMu clients get relief through a 100% LTV (loan-to-value) thirty-year fixed loan. The negative equity disappears, and clients have affordable payments.

“It’s right around the corner, and it’s amazing,” said Mr. Correa. “It’s been a long journey, and we are excited to approaching final results.”

For questions or inquiries, please contact info(at)atlantic-mutual(dot)com or call 888.850.6772. Or, go to Atlantic Mutual’s website at

For media inquiries, please contact Brooke Errett at brooke(at)atlantic-mutual(dot)com.

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