United Companies Financial Corp., Baton Rouge, La., and Independent National Mortgage Corp., Pasadena, Calif., a unit of CWM Mortgage Holdings Inc., have announced additions to their product lines.
United Companies has formed a new unit, United Companies Funding, based in Minneapolis, to offer loans to buyers of manufactured homes - those that are fabricated away from the site.
United has recruited Kenneth S. Roberts to head the new operation. He had been executive vice president and chief operating officer of Green Tree Financial Corp., the industry leader.
The Louisiana company is a mortgage lender that specializes in home equity loans and subprime mortgages. J. Terrell Brown, chairman and chief executive, called the new venture "a logical extension to our existing lines of business."
Independent National said it was offering "affordable" financing for building or remodeling homes. They include construction-to-permanent loans; an acquisition-and-rehab program; a home-improvement second mortgage; and a lot-acquisition program.