FIRST MORTGAGE LOAN POOL
The First Mortgage Loan Pool (FMLP) program was part of the American Recovery and Reinvestment Act of February 2009 that ended in 2012. However, many lenders still have these types of loans in their SBA portfolios. Some lenders are facing challenges in servicing and liquidating as guidelines are unclear.
Kresser, Corona & Associates has assisted many lenders years with these loans and has a proven track record of successfully processing and coordinating all actions with the SBA on their behalf. If your financial institution has a FMLP loan in its portfolio and need assistance to service or liquidate, Kresser, Corona & Associates has the experience to assure that your institution will not have to reimburse the SBA the 80% of the balance of the original first mortgage loan. In addition, Kresser, Corona & Associates will assist in you in collecting reimbursement of eligible expenses related to the liquidation of collateral.