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Tampa Bay Federal Credit Union Expands with Fannie Mae Refinance Surge

Tampa, FL - (Monday, April 27, 2009) – Tampa Bay Federal Credit Union (TBFCU) announced today they are expanding their Real Estate Lending/Servicing Division in order to handle a surge in the refinancing market.

Dean Clark, Manager of Real Estate Lending/Servicing for TBFCU said, “In the first quarter of 2009, we have seen a surge in new clients taking advantage of refinancing their Fannie Mae mortgages (TBFCU is a Fannie Mae approved servicer). All you have to do is visit www.fanniemae.com and search their database to see if Fannie Mae owns your mortgage. If they do, the homeowner can pretty much go with any new finance option, which gives incredible advantages in the declining real estate market.”

In March 2009, The Treasury Department released guidelines/updates on a Homeowner Affordability and Stability Plan. Fannie Mae was quick to adopt as their program, calling it the REFI PLUS, because it provides easier loan to value (LTV) guidelines to allow more homeowners to take advantage of the current lower interest rates by easing LTV restrictions from 80-90% LTV up to 105%. Borrowers with existing Fannie Mae mortgages may refinance through their current lender or thru any approved Fannie Mae lender like TBFCU; even if the borrower has less than 20 percent equity in the house. In addition, the Treasury Department will be increasing its funding by $50 billion to $900 billion thru commitments to Fannie Mae in order to allow lenders like TBFCU to expand their mortgage portfolios.

As a not-for-profit organization, the advantages of a credit union like TBFCU are simply having a local lender, local servicer and local decision makers. Add lower closing costs, exemption from intangible state tax, no origination fees, no underwriting fees, no processing fees, and no third party broker fees and very competitive interest rates.

To take advantage of the Refi Plus, loans must have originated on or before January 1, 2009. The following service centers have expanded their staff to handle the influx of business:

Riverview Service Center
10845 Boyette Rd
Riverview, Fl 33569
Phone: (813) 247-4414

International Plaza Service Center
4211 W. Boyscout Blvd. Suite 100
Tampa, FL 33607
Phone: (813) 247-4414

For more information on Tampa Bay Federal Credit Union, please visit their Web site at www.tampabayfederal.com or call (813) 247-4414 Ext: 7601.