Irwin Home Equity is a branch of Irwin Union Bank and Trust Company (IUB) in San Ramon, California. It is a market-based consumer lender that buys, sells, originates, and services different types of home equity lines of credit, home equity loans, and first mortgages through direct-to-consumer lending, brokers, correspondents, and strategic alliances.
In 1994, seven employees in San Francisco's financial district came up with a Home Equity Business Model, which was the start of the company. The business moved to bigger offices in San Ramon, and at the beginning of 1995, 250,000 solicitations were sent to people in 10 states. This was the start of real business. Nearly $90 million worth of Home Equity Lines of Credit and fixed-rate Home Equity Loans were given out by Irwin Home Equity by the end of the year. As the company grew, Irwin Home Equity started selling things over the Internet in 31 states in 1999. In 2005, this online channel was responsible for 53% of all loans that were made.
Irwin Home Equity is now one of the top players in the High Loan to Value home equity lending market. They offer first mortgages, 100% and 1250% Home Equity Loans, and Home Equity Loan Lines of Credit. It offers loan products, solutions, and services to a number of brokers and correspondents. Its Retail Channel gives loans to homeowners that fit their lifestyles and needs. Irwin Home Equity can also service all of its loans in-house, and it does so for more than 60,000 loans right now.
Irwin Home Equity's Broker channel has more than 5,900 brokers who work in 31 states. These brokers were responsible for 27 percent of all loans funded by Irwin in 2005. The Correspondent channel has more than 260 members who work in 46 states. These members were responsible for 20 percent of all loans started by Irwin. Early in 2004, a department called "Corporate Development" was also set up. Today, Irwin Home Equity says it has over 600 employees and a loan portfolio worth more than $2.8 billion in more than 40 states.
List of Items:
100% CLTV Home Equity Loan: a loan with a fixed interest rate and a term of 5 to 25 years.
100% CLTV Home Equity Loan Line of Credit - involves a variable-rate, revolving line of credit that turns into a fully amortising 10-year loan after the first 10 years.
125 percent CLTV Home Equity Loan: This is another loan with a fixed rate and a term of 5 to 25 years.
125 percent CLTV Home Equity Loan Line of Credit: This is a variable-rate, revolving line of credit equal to 125 percent of a home's value, minus any first mortgage balance.
100 percent CLTV Fixed Rate First Mortgage - 100 percent CLTV Fixed Rate First Mortgage (10 to 30 year terms), which is recommended for consolidating debt, getting cash out, and rate/term refinancing.
100% CLTV Variable Rate First Mortgage: These are adjustable-rate mortgages with fixed rates for the first 3, 5, or 7 years.
Piggy-Back 80/20 Loans: The total loan-to-value ratio is more than 80%. The first loan is for 80% of the home's value, and the second loan, called a "piggy-back loan," is for the rest, up to 100%.