About Empire Mortgage
Empire Mortgage is a privately owned firm that specializes in acquiring residential and mixed-use mortgage pools. We are located in Hunt Valley, Maryland, just outside of downtown Baltimore. Empire Mortgage has approximately 25 employees, including several who have each been with the firm since its inception. We have considerable expertise in the valuation and oversight of pools of performing, sub-performing, non-performing and distressed residential and mixed-use mortgages. We consistently work with a wide array of sellers, ranging from small, private investors to large financial institutions. Since our founding in 1993, Empire Mortgage has closed and funded thousands of transactions involving both the purchase and sale of residential and mixed-use mortgage pools and the funding and purchase of hard money loans.
Empire Mortgage has been in business since 1993.
Empire Mortgage is located in Hunt Valley Maryland, just outside of downtown Baltimore. Our general contact information is as follows:
11350 McCormick Road, Executive Plaza III, Suite 605, Hunt Valley, Maryland 21031
Phone: 410 785-0022 / Toll Free: 800 785-6499 / Fax: 410-785-0037
Yes, Empire Mortgage will be pleased to provide you with a list of counterparties for you to use as a reference. Please contact us directly to further discuss how we can address your needs.
1) Since 1993, empire Mortgage has developed an impressive track record for closing transactions and providing creative financial solutions. It is this long history of dependability that enables both buyers and sellers to remain confident that they can depend on a commitment from Empire Mortgage.
2) Empire Mortgage will help you utilize your capital more effectively, by allowing you to:
– Unlock dead capital on non-performing assets
– Clean up your balance sheet, lowering your overall cost of borrowing
3) We are a privately owned firm that does not rely on outside investors for capital. This allows us the ability to make quick decisions and aggressively act to close a transaction, no matter how large or small.
4) We have closed and funded thousands of purchase and sale transactions. We pride ourselves on closing all transactions efficiently and on schedule.
5) Please feel free to contact Empire Mortgage if you would like us to provide you with a list of counterparties for you to use as a reference.
Delinquency occurs when all or part of the borrower’s monthly installment of principal, interest, and where applicable, escrow is unpaid after the due date. Mortgage payments are due on the first of every month. Depending exact on the language in your mortgage note, you may get a 10 to 15 day grace period (where no late fee will be assessed). After the 15th of the month, if we have still not received your payment, you will be assessed a late fee.
It is important to note that if you continually pay your mortgage late, you may be reported to the credit agencies as a “slow-payer.” It is in your best interest to make every effort to pay on the first of every month to avoid damage to your credit, as well as avoid any additional legal or late fees that may be incurred.
A delinquency that remains unresolved as of the close of business of the last working day before the next due date is considered a delinquency of one payment or 30 days, regardless of the actual number of calendar days since the initial due date. A delinquency that has been unresolved for 30 days or more but less than 60 days by the end of the reporting month may be reported as a one-payment or 30-day delinquency.
Depending on the lender, mortgages are commonly bought and sold in the secondary market. It is a very common occurrence and the companies involved know how to handle it. In fact, the only change you, as a consumer, should see is the change in the name of the company and the address to which you will mail your payments.
Empire Mortgage purchases mortgages “servicing released.” Servicing released means that if Empire Mortgage has purchased your loan, your old servicer will transfer the servicing responsibilities to Empire Mortgage and we will become your new servicer.
As your new servicer, Empire Mortgage is responsible for collecting the monthly principal and interest payments. In conjunction with receiving your monthly loan payment, we become your new point of contact for all of your questions regarding your mortgage, as well as other issues such as pay-offs and reinstatements.
Please immediately contact a representative in our collections department to discuss your situation. We want to work with you to quickly remedy the situation.
If you are severely past due on your mortgage payment, we may have the right to foreclose on your property.
You may mail or fax property tax and property insurance information to Empire Mortgage.
Please send the information to the attention of the Escrow Department. Our contact information is as follows:
Attn: Escrow Department
11350 McCormick Road
Executive Plaza III, Suite 502
Hunt Valley, Maryland 21031
Phone: 410 785-0022 / Toll Free: 800 785-6499 / Fax: 410-785-0037
There are several reasons why your monthly payment amount may have changed. It could be due to the following:
– Adjustable Rate Mortgage – Your rate may have recently adjusted up or down, as stipulated in your loan agreement or note.
– Principal Prepayments – If you recently provided us with a principal prepayment, your new monthly payment may be based on a lower balance. The lower balance may result in a lower monthly payment.
– Escrow Analysis – A recent analysis of your escrow account may have resulted in lower or higher property taxes, or other related items.
Depending on the lender, mortgages are commonly bought and sold in the secondary market. It is a very common occurrence and the companies involved know how to handle it. In fact, the only change that you, as a consumer, should see is the change in the name of the company and the address to which you will mail your payments.
The prior mortgage company or servicing agent servicing your loan will forward the payments to Empire Mortgage and you will receive proper credit to your account.
The first step in selling residential and mixed use mortgage loans to Empire Mortgage is to provide us with your summary loan data. This enables us to provide you with a preliminary bid, which indicates the potential value of your assets.
You may send your loan information to one of the following contacts:
(800) 785 6499 x142 / (410) 510 1176 (Desktop Fax)
Due diligence will begin immediately upon your acceptance of our preliminary indicative bid.
Empire Mortgage specializes in purchasing performing, sub-performing, non-performing and distressed residential and mixed-use mortgage pools. For example, we typically purchase the following types of loans:
- Loans that have been stranded on warehouse lines of credit
- Securitization Fallouts
- Collapsed Bond Issues
- Collapsed Securitizations
- Sub-performing and non-performing portfolio loans
- FHA/VA Loans with or without insurance
- Loans rejected by FNMA and or correspondents
- Hard Money Loans
Upon your acceptance of our indicative preliminary bid, we will immediately begin performing due diligence on your pool of mortgages. Funding can typically occur within 3 to 4 weeks of receiving your summary loan data.
Empire Mortgage actively bids on single loans and small, medium and large pools of mortgages. We do not limit ourselves by any minimum size or minimum number of loans.
Empire Mortgage does not typically purchase assets other than residential and mixed-use mortgage pools and hard money loans.