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Alt-B Wholesaler

BrooksAmerica announces expansion

July 1, 2005

By MortgageDaily.com staff

A California wholesale lender anticipates it will double its loan volume by stepping into the nonprime lending arena. Among the new programs being offered are 100% loan-to-value stated income loans.

BrooksAmerica Mortgage Corp. announced it is expanding from its prime lending focus over the past 20 years to offer "Alt B" products through its new specialty lending division.

The Santa Ana-based company expects its foray into the high-demand nonprime market will double loan production over the next 18 months -- growing from $250 million in loans for the remainder of 2005 and to over $500 million in 2006. Its annual "ALT A" loan volume reportedly currently exceeds $1 billion.

"The specialty division continues our daily quest to deliver quick and easy results for brokers so they can make the most of their time and close as many loans as possible," said company founder and chief executive Michael Brooks in a written statement.

The specialty unit will carry products such as 2/28 and 3/27 adjustable rate mortgages, a 30-year fixed program for loans up to $1 million and credit scores as low as 500, a 100 percent loan-to-value full-doc loan of up to 750,000 with a minimum score of 580 or 620 with stated income, and interest only with a minimum credit score of 580 with full-doc or 600 stated income.

BrooksAmerica says its Web site allows registered brokers to submit loan files electronically; look up the status of each loan in their pipeline, including the exact status of every condition; and finalize and request documents to be delivered. The online resource eliminates wasting "time with unnecessary phone calls to track down the status" of loans and increases production, according to Darlene Reynolds, operations manager at Shea Mortgage.

Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.

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