BurkeyLoan Inc. recently announced plans for a new program that would make it easier for millennials saddled with student loans to obtain a mortgage by refinancing their student loans into mortgages. The BurkeyLoan Mortgage Program will be released this summer in a select number of states, followed by a nationwide rollout within the year.
The company initially will seek borrowers with top tier credit, work and academic profiles.
“The burden of student loan debt has reached a crisis level for millennials and our nation,” the company said in a release. “This debt burden has delayed household formation, postponed housing purchases, limited entrepreneurial endeavors and most notably delayed family formation an integral component of our society.”
Chairman and CEO John Burkey said that the generation known as millennials have faced a “social ladder dilemma,” in which the once-manageable task of paying off student loan debt while saving for a home downpayment has been replaced with the daunting mutually exclusive events of mounting education debt and escalating home prices.
The trademarked BurkeyLoan is a standardized method and process of separating the risk characteristics of a mortgage loan into transparent and distinguishable components based on the components relative LTV position. The process of segmenting the components provides an end-to-end transparency, in loan level detail, from homeowner to investor.
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