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Mission Statement
“We will be the best consumer lender by improving our customers’ finances responsibly and responsively.”
Irwin Home Equity Corporation
(IHE) is a subsidiary of Irwin Union Bank and Trust
Company (IUB), which in turn is a subsidiary of Irwin
Financial Corporation (NYSE:
IFC), an interrelated group of specialized financial
services companies serving select markets nationwide.
Through a combination of channels, IHE
and IUB originate,
acquire, securitize, sell, and service a variety of first
mortgages up to 95% LTV for purchase and refinance. Irwin
offers selected homeowners creative, customized and attractive
financing solutions with personalized service that is
convenient, discrete, responsive, and reliable.
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Background
Since its launch in 1994, IHE
has established itself as a leader in the high loan-to-value
(HLTV) mortgage market. Led by an experienced senior management
team combining both mortgage banking and consumer lending
backgrounds, IHE
has demonstrated the HLTV
niche can produce profits for a skilled, responsive company
employing best-of-class practices.
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IHE Structure
Origination Channels: Irwin
originates and acquires loans using a combination of direct
to consumer and wholesale channels. The resultant loan
portfolio covers 49 states.
Credit Risk Management: The
Credit Risk Management unit (CRM) manages credit risk and
provides strategic decision making based on analysis of asset
quality and key performance drivers that affect Irwin’s
niche products. CRM’s
regular analysis of the loan portfolio, risk-based pricing
parameters, and the external environment ensures that IHE’s
credit policy and strategic business decisions accurately
reflect the company’s risk/reward goals.
Servicing: All mortgage
loans are made by Irwin Union Bank while Irwin Home Equity
acts as the servicer of the loans. IHE
is a highly rated servicer: FitchRatings
ranks Irwin Home Equity’s residential primary servicer
rating an RPS2-
for Fixed Rate Loans,
HELOC,
and HLTV
ratio products. Standard
& Poors rates Irwin Home Equity Strong as an Alternative
Residential Mortgage Servicer for Home Equity Lines of
Credit and other second lien products and Moody’s
rates Irwin Home Equity as SQ2-,
or “above average.”
Legal and Compliance:
This department handles all legal affairs for the company,
including contract draft and review, adherence to all
federal and state laws, litigation, and corporate governance.
Our Compliance Department ensure, through regular audits
and review, that Irwin markets, originates, and services
its products in a safe and sound manner in accordance
with all applicable laws and regulations.
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Mortgage
Products
Irwin offers first mortgage products both for refinance
and purchase. Rate and term refinance loans are available
as high as 97.75% LTV for our consumer channel and 95%
for our broker channel. Cash-out refinance loans and purchase
loans are also available up to 95% LTV. Please see our
Products
page for more information, as restrictions do apply.
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Corporate Associations & Affiliations
Irwin Home Equity is a member of the Mortgage Bankers
Association of America, the American Financial Services
Association, and the American Bankers Association.
Irwin Home Equity, as a subsidiary of Irwin Union Bank,
is subject to regulatory oversight from the Federal Reserve
Bank, the Indiana Department of Financial Institutions,
and the Nevada Banking Commissioner, including all related
annual exams. For more information about IHE’s
parent companies, visit the Irwin
Financial Corporation website. Servicer reports are
available from FitchRatings,
Moody’s
and Standard
& Poors.
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