The wholesale arm of Ameriquest Capital Corp. is tackling the Alt-A market.
Argent Mortgage Co. announced Monday it launched Alt-A Advantage and Alt-A 80/20 Advantage, a new line of broker programs slated to become available on July 17.
Mortgages up to $2 million can be closed on borrowers with FICO scores of at least 680, according to Argent, which operates online at www.ArgentMortgage.com. Interest-only payment options are available for 10 years, and investment properties are acceptable.
"Argent is not the only nonprime lender that has moved into the Alt-A market in recent years," the statement read. But the wholesaler said its Alt-A programs include the Agent Service Guarantee given on its nonprime loans where Argent's fee is cut in half if brokers don't get answers on their loan requests within 24 hours.
The Irvine, Calif.-based company, which boasts 200,000 approved brokers, said the new programs will be handled by existing wholesale employees, according to the announcement.
"Argent will not miss a beat whether it is funding the new Alt-A product, a nonprime loan or both," said President Sam Marzouk in the statement.