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Nation One Ceases

No further loans accepted by wholesaler

May 2, 2007

By COCO SALAZAR


photo of Coco Salazar

A Massachusetts-based wholesale lender has stopped funding mortgages.

"Effective immediately, Nation One Mortgage Co. is ceasing the origination of all mortgage loans," a voice message at the company's Norwell, Mass., headquarters number said. "No new loan submissions are being accepted at this time."

Nation One was a full-service mortgage banker that specialized in nonconforming loans, according to the company's Web site. Its "Risk Based Pricing Service features a wide range of acceptable Income/Asset Documentation types," including low doc and no doc.

Loan programs provided up to 95% on full doc investments for one-to-two family units for borrowers with a 660 FICO or up to 95% financing on three-to-four family units on a 680 FICO; stated income 95% LTV; up to 90% financing on a stated income negative amortization ARM with option to pay 3% lower than the coupon rate for borrowers with credit scores as low as 620; and no income/ no assets/verify employment loans.

The site lists a dozen regional account representatives that served Massachusetts, Connecticut, New Hampshire, Maine, Maryland, Rhode Island, Virginia, Vermont and Florida.

Nation One did not immediately respond to MortgageDaily.com's request for comment.

"We have appreciated the opportunity to serve you and your customers," the company's voice message continued. "Thank you."


Coco Salazar is an associate editor and staff writer for MortgageDaily.com.

e-mail: [email protected]


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