In First Year, Viewtech Approves Over $40 Million
for Pacific Gas and Electric,
FannieMae Loan Program
In the program's first year,
Viewtech has approved over 6,600 loans totaling over $40 million for the
Home Energy Savings Loan program offered by Pacific Gas and Electric Company
(PG&E) and FannieMae.
Qualified homeowners may
borrow up to $15,000 for up to 10 years to install high-efficiency air
conditioning units, insulation and replacement windows. Program features include
quick loan approval and below-market, tiered interest rates tied to the loan
amount.
As a California-licensed
lender approved by FannieMae, Viewtech directly receives loan applications from
PG&E customers, and underwrites and originates loans to program guidelines.
After issuing the loan check, Viewtech bundles and transfers loan obligations to
Fannie Mae but continues to collect payments via coupon book.
Based on the program's
success, FannieMae is partnering with other utilities to make consumer loans
available for single-family residential energy efficiency improvements.
FannieMae is the nation's
largest investor in home mortgages. PG&E is the nation's largest energy
utility. Viewtech provides innovative program implementation services to
energy and water utilities nationwide.
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