Relief to thousands of borrowers whose option-adjustable-rate mortgage (ARM) loans are no longer optimal for their current situations

BankUnited Financial Corp., parent company of BankUnited FSB, has launched a comprehensive Mortgage Assistance Program (MAP) to provide relief to thousands of borrowers whose option-adjustable-rate mortgage (ARM) loans are no longer optimal for their current situations.

“This is one of the most sweeping, broad-based programs of its kind," says Ramiro Ortiz, BankUnited's president and chief operating officer. "This program will literally provide people with a map to find their way back into a more financially stable environment for their home mortgages."

BankUnited says it intends to refinance thousands of its option-ARM customers, with the largest percentage located in Florida, in the next six months.

Benefits to borrowers include waived pre-payment penalties, minimal modification fees and a variety of loan choices, including traditional mortgage products and government agency loans. Customers can refinance with other lenders and still take advantage of the prepayment waiver, the company adds.

Source: BankUnited Financial Corp.