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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.

Mortgage Wholesalers Offer Nonprime, Non-QM, 120%

Recent wholesale lender offerings

July 3, 2017

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

Recent offerings by wholesale mortgage lenders include nonprime programs, loans that don't meet Qualified Mortgage standards, and loan-to-value ratios up to 120 percent.

Credit unions can now turn to eCU Mortgage LLC for third-party origination services, according to a June 21 news release. The firm is a subsidiary of First Service Credit Union.

Credit unions initiate the loans, while the Houston-based credit union service organization processes and underwrites the loans and handles the closings and fundings.

A recent press release from Parkside Lending LLC said that the San Francisco-based wholesale lender is now offering programs for loans guaranteed by the Department of Veterans Affairs.

Two months earlier, Parkside revealed that it is offering Fannie Mae's HomeReady Mortgage. The low-income program allows for lower down payments, non-traditional income sources and reduced mortgage insurance coverage for FICOs 680 or higher.

Earlier this year, Secure One Capital Corp. disclosed that it has made its programs available on a wholesale basis to mortgage brokers in Southern California. Secure One offers programs with credit scores as low as 500 on loans guaranteed by the Federal Housing Administration and mortgages guaranteed by VA. It also offers Fannie Mae and Freddie Mac programs as well as jumbo loans.

The third-party origination channel has been relaunched by GSF Funding, a June 20 statement from parent GSF Mortgage Corp. said. While GSF will retain servicing on the loans, any inquiries by borrowers for additional funding will be referred back to the originator. Conventional and government programs are available.

As part of the relaunch, GSF has brought on David Kirchen as the new director of TPO-correspondent lending, as well as Lesa Meulemans and Tim Lowey.

Warburg Pincus-subsidiary Newfi Wholesale last month announced an expansion into Utah. That brings the number of states Newfi is active in to nine.

Earlier this year, United Wholesale Mortgage, which claims to be the biggest wholesaler in the country, announced the release of an all-digital loan portal. The portal promises to modernize the way mortgage brokers work with consumers and to strengthen their ability to compete against mega retail lenders.

A portfolio loan program that allows LTV ratios of as much as 120 percent is being offered by BurkeyLoan Inc. The excess amount is used to pay off student loans.

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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