MortgageFit member gets patent for mortgage product!
MortgageFit member gets patent for mortgage product!
Hi All,
It’s my pleasure to inform you that one of the MortgageFit members, Ken Lambert just received US Patent status for his mortgage product – Alternative Mortgage Fund (AMF) which would hit the market in the next 6 months.
The AMF was created and developed by Ken Lambert Mortgage Enterprises LLC. This mortgage product would not only benefit the consumers but also the lenders by helping them expand their market, share revenue and profits.
Alternative Mortgage Fund is considered as a challenge to the 30 year conventional loans. It is a mortgage product which would help borrowers to pay off their loans faster than the conventional mortgage. Also, it would not result into any kind of additional costs for the borrowers and would help increase equity in their homes. According to the U.S. consumer direct surveys, around 19% of the current mortgage customers are willing to switch over to AMF if it is available in the market.
When compared to bi-weekly mortgage plans, AMF would help borrowers to save around $15,000 under normal market situations. This product is also being considered as less volatile than the other adjustable mortgages available in the market.
Ken Lambert Mortgage Enterprises LLC is presently looking for potential lending partners (banks or mortgage companies) for the licensing and sales of AMF. However, the said LLC would be the exclusive user and seller of the AMF.
July 31st, 2009 at 2:37 am
Congratulations Ken!
It’s really a great news that you’ve got patent for AMF. I hope AMF would be a huge success considering the present mortgage market.
August 1st, 2009 at 12:11 am
Hi,
Congrats, Ken!
The new mortgage product, AMF definitely sounds promising. It will no doubt help thousands of borrowers who are struggling to increase their equity in the homes in this depressed economy. What is more important is, the borrowers do not need to incur extra costs in order to do so. So, the product is definitely going to attract a considerable number of borrowers, when it hits the market. But it is yet to be seen whether it can throw a substantial challenge to the popular 30 year fixed rate mortgages.