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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 Promote Non-QM, Alt-A Programs

Jumbo offerings also announced

Jan. 2, 2017

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

Several wholesale mortgage lenders are now offering Non-QM programs. Other recently announced offerings include Alt-A, jumbo and nonprime programs.

Non-QM agency and hard-money mortgages are being offered by ALTRA Mortgage Capital LLC-subsidiary ALTLOAN, a news release Tuesday said. Loan amounts as high as $3 million are available for one- to four-unit properties.

Costa Mesa, California-based ALTLOAN said its offerings include prime jumbo, Alt-A and nonprime as well as investor bridge loans and fix-and-flip loans.

"This simplified and reliable approach to alternative lending is expected to disrupt the wholesale lending industry by providing Third Party Originators with an efficient way to grow their Non-QM fundings," the statement said.

A non-delegated correspondent programs was announced on Dec. 20 by Envoy Mortgage. The expanded program is enhanced with underwriting services, private mortgage insurance resources and complete fulfillment options. The program enables originators to close and fund loans without the assuming the additional underwriting risk, regulatory burden or staffing costs.

A promotional message from Raymond Eshaghian, president and chief executive officer of Greenbox Loans Inc., said the company offers Non-QM and nonprime programs. Loan amounts up to $2.5 million are available with 75 percent loan-to-value ratios and 680 FICO scores.

United Wholesale Mortgage, which claims to be "the No. 1 wholesale mortgage lender in the nation," recently issued a press release touting a newly designed, fully integrated website.

Another recent UWM news release said the Troy, Michigan-based company is participating in Fannie Mae's pilot offering of Single Source Validation -- giving its broker clients a more streamlined origination process with the ability to validate income, assets and employment using bank account data from only one asset report.

A recent announcement from Brokers Rallying Against Whole-tail Lending, or BRAWL, warned mortgage brokers about how wholesalers with retail divisions are stealing customers.

The message said that wholesalers should not originate more than a fifth of their business from the retail channel and promoted a group of "good wholesale lenders."

"Mortgage brokers have known about whole-tailers' shady tactics for years, but we just didn't have a voice before," BRAWL founding member Anthony Casa said in the message. We're speaking up now, and urging brokers to avoid doing business with whole-tailers, because they're setting themselves up for long-term failure by doing so."

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.

[email protected]

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