A relocation mortgage program recently introduced by Travelers Mortgage Services is being test-marketed in Utah through Gump and Ayers Real Estate Inc. The other areas where it is being tested are Washington, Alabama, Kansas, Florida, Connecticut and New York.
Rick Gillespie, director of marketing and communication for Travelers has briefed Gump and Ayers' agents on the program that has several new features and is tailored for transferees because of their unusual service requirements.
The program features 48-hour mortgage commitment which allows a transferee the advantage of minimum loan delay. Appraisal, project approval on condominiums and private mortgage insurance are all handled to provide rapid loan commitment, he said.
Another feature is that little documentation is required for loan closing to facilitate the out-of-market loan process. Also, the company will acknowledge 75 to 100 percent of a spouse's income even if the spouse hasn't found a job in the new market.
Gillespie said the main purpose of the new program is to reduce the anxiety that goes with transferring.
Robin Hough, director of corporate relocation for Gump and Ayers, said to qualify for the relocation mortgage program, the individual transferring to Utah must work with a Gump and Ayers agent and the company requiring the transfer must pay some portion, however small, of the moving expense.