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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.



Wholesale Lenders Expand Offerings, Clients

Recent mortgage wholesaler activity

Oct. 31, 2013

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

Several wholesale mortgage lenders have recently widened their offerings and expanded their customer bases. Among the new offerings are loans with special pricing, jumbo products and no-escrow programs.

A wholesale lending office was opened in July by Fairway Wholesale Lending. The facility is located in Denver.

The new office, which will handle mortgage brokers in Denver, Colorado Springs and other smaller markets, compliments wholesale centers in Naperville, Ill., and Plano, Texas.

The wholesaler, which operates online at www.fairwaywholesalelending.com, is a division of Sun Prairie, Wis.-based Fairway Independent Mortgage Corp.

In Santa Ana, Calif., Carrington Mortgage Services LLC said Wednesday that its wholesale lending division will now accept banks and credit unions as approved third-party originators. The new program promises to help financial institutions mitigate risk by avoiding the risks associated with primary lending on conventional and government mortgages.

Carrington noted that the expansion enables access to its 21-day loan closing program, which provides a $995 credit towards closing costs if the loan isn't submitted to underwriting within the 21-day deadline. Carrington's wholesale division is online at www.CarringtonWholesale.com/TPO.

A new aggressive pricing program dubbed Conforming Elite was announced in September by 360 Mortgage Group. The program was developed to expand broker business beyond Home Affordable Refinance Program originations and propel the wholesaler into a one-stop lender status.

Loans qualify for the new program as long as they are 15- or 30-year mortgages that don't exceed $417,000 or 80 percent loan-to-value. Financed properties must be owner-occupied or second-home single-family residences or planned-unit developments. Borrowers need a minimum FICO score of 720. Cashouts and subordinate financing aren't allowed.

360 Mortgage Group's website is located at www.360mtg.com.

A program that allows brokers to waive escrows on all conventional mortgages with LTV ratios of up to 90 percent and no mortgage insurance is available from United Wholesale Mortgage.

Troy, Mich.-based United Wholesale said qualified borrowers need a minimum FICO score of 720. Brokers can read more about the company's offerings at www.uwm.com.

United Wholesale said earlier this year that it is providing marketing support for broker clients in the form of pre-designed, customized flyers for borrower prospects.

A new wholesale-correspondent operation in Houston is expected to be a sedge way to clients in the rest of Texas for Affiliated Mortgage. The new third-party origination channel will be headed by Jerry Alred.

Monroe, La.-based Affiliated is a subsidiary of Benchmark Bank. The third-party origination website is at www.affiliatedtpo.com.

A non-agency jumbo product line launched this past summer by Stonegate Mortgage Corp. is available to its more than 700 approved third-party originators in more than 32 states.

The 15- and 30-year loans range from $417,001 to $2 million and are available to finance owner-occupied one- and two-unit properties, according to the Indianapolis-based firm. Acceptable security also includes second homes, PUDs and rural properties with up to 10 acres. Stonegate's third-party lending website is online at https://tpo.stonegatemtg.com/default.aspx.

Rebate pricing is available on owner-occupied commercial mortgages from Avant Capital. The company recently said it expanded its bridge platform to include major markets throughout the country. More details are available at www.avant-capital.com/mortgage_brokers.html.

An online directory of wholesale lenders has been published by Mortgage Elements Inc. The web address for the site is www.MortgageElements.com.

Mortgage Daily maintains its wholesale lending directory at www.mortgagedaily.com/WholesaleLenderDirectory.asp.


Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

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