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Home > Financial Services > Mortgage Brokers > Preferred Acceptance Company
Preferred Acceptance Company
A mortgage broker is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage loan. Mortgage brokers are the middleman between you and the lending institution, which can be a bank, trust company, credit union, Mortgage Corporation, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she receives a commission from the borrower if the loan closes.
Preferred Mortgage Company was started in 1979 as a conventional lending brokerage.And founded by Mr. John Torgerson who saw the need for a local mortgage banking company to more fully serve the sub-prime or credit challenged market place.
In December of 2005, PMC and PAC merged into Preferred Acceptance Company. Preferred Mortgage is now the mortgage brokerage division of the newly formed company. The firm offers a full range of mortgage products and services and a growing portfolio of mortgages for those who have difficulty securing services through conventional sources. They fund their lending activities though bank credit lines and the sale of promissory notes to the public, as discussed in the Investment Opportunities page of their web site.
Preferred Acceptance Company, incorporated in 1994, is engaged in mortgage and consumer lending activities in Eau Claire, Wisconsin, and surrounding areas. The company originates and services residential and commercial real estate mortgage loans and consumer loans. They offer $2,000,000 aggregate principal amount of Promissory Notes available through November 18, 2006. The notes bear a 7.00% per annum interest rate for a one-year term, or a 8.25% per annum interest rate for a three-year term. At the option of Preferred Acceptance Company, Noteholders may elect to renew for one period.
The company has committed themselves to the success of the business, to the pursuit of excellence, to the safety of employees, and to providing industry leading quality of service to customers.
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