Today, franchise owners of THE BUYER'S AGENT purchased controlling interest in SouthMor Mortgage Corporation for an undisclosed amount of money. SouthMor Mortgage is a 4 year-old mortgage brokerage concern headquartered in Memphis, TN and is currently licensed in 16 states. President of THE BUYER'S AGENT, INC. exclusive buyer brokerage franchiser, Tom Hathaway, remarked "The purchase of SouthMor Mortgage will create a new dimension in both the real estate and mortgage lending industries." Dawn Davis, an experienced Director of Mortgage Operations, will begin managing SouthMor's daily operations on May 1. Among her many accomplishments, Ms. Davis has increased operations for other lenders from $1 million a month to over $20 million a month. SouthMor Mortgage Corporation plans to offer a distinctive three tiered pricing for mortgage loans. The first tier rate will be for home-buyers who purchase their homes through a franchisee of THE BUYER'S AGENT, INC. These loans will have an exceptionally low interest rate with no origination fees and little, if any, lender fees. The second tier rate will be offered to other buyers and will be very competitive, but not as economical as the first tier rate. Normal retail rates will also be available. Mr. Hathaway explained, "It will be just like when a buyer drives into a new subdivision where the builder has arranged for special financing. The only difference is that when buyers walk into one of THE BUYER'S AGENT franchise offices, they will receive a special rate if they buy a home through that office." For twelve years, THE BUYER'S AGENT has worked to help its home-buying clients save money. Creating this special mortgage rate for their clients is just the latest effort to increase clients' savings on their home purchases. Nationwide, THE BUYER'S AGENT has helped its clients save more than $107,887,760.30.
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