Viewtech Opens Fannie Mae National Energy LoanCenter;
Yankee Financial is First Client
Viewtech has opened a National Energy Loan Center to help Fannie Mae originate and service energy efficiency loans. Yankee Energy Financial Services, a subsidiary of Yankee Energy System, Inc. (NYSE:YES) of Meriden, Connecticut is the first organization to use the Center. The utility affiliate is offering loans at interest rates as low as 8.5% per annum for qualified equipment.
Fannie Mae and Viewtech are partnering with other utilities and manufacturers to offer unsecured consumer loans for single-family residential energy efficiency improvements. Viewtech implemented Fannie Mae's first energy loan program for Pacific Gas and Electric, and has approved over 12,000 loans totaling $80 million since July 1995.
Homeowners may borrow up to $15,000 for up to 10 years to install high-efficiency heating and cooling equipment and related improvements. The Center offers below-market, tiered interest rates; quick loan approvals; and streamlined underwriting guidelines.
Viewtech receives loan applications directly from approved contractors, and underwrites and originates loans to program guidelines. After issuing the loan check, Viewtech transfers loan obligations to Fannie Mae but continues to collect payments.
Viewtech also implements energy efficiency financing programs on behalf of over 30 program sponsors through E Seal, EPA ENERGY STAR, and H.E.L.P. 2000. Sponsors include: Burnham, Tampa Electric Company, Weil-McLain, WaterFurnace and Hawaiian Electric Company. Qualified homeowners may borrow from $2,500 to $25,000 for up to 15 years.
Viewtech provides innovative program implementation services, software and systems to energy and water utilities nationwide.
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