Wholesale lenders have recently added subprime and conventional programs. One wholesaler launched an income verification tool, while another added a broker platform.
Loan-to-value ratios on subprime mortgages used to finance an owner-occupied home purchase are available up to 80 percent at Athas Capital Group, a marketing piece said.
The Calabasas Hills, California-based mortgage wholesaler indicated that the program can also be utilized to finance rental properties with LTV ratios as high as 75 percent.
Athas offers the program
in Arizona, California, Colorado, Idaho, Oregon, Texas and Utah.
MyLoanCenter, announced on Sept. 12 by American Financial Resources Inc., promises to streamline and improve the way brokers communicate with prospective borrowers.
Brokers can customize the platform with their own branding.
They can view details about their pipeline and individual loans and upload documents.
Parsippany, New Jersey-based American Financial Resources says it has a network of more than a thousand wholesale and correspondent broker clients.
Automated income verification is available at United Shore Financial Services LLC-subsidiary United Wholesale Mortgage, an Oct. 4 press release said. The automated income verification tool reportedly enables applications to be submitted without waiting for supporting documents.
UWM said the tool, which is available on conventional products used for refinancing or purchase financing,
can only be utilized for W-2 borrowers — though a future version is expected to be made available for self-employed borrowers.
In July, UWM reported that its new 1 percent down program made “it one of the first wholesale mortgage lenders in the country to offer a conventional 1 percent down program to mortgage brokers.”
The low-down payment program is available in all 50 states, requires a minimum FICO score of 700 and a maximum debt-to-income ratio of 43 percent.
Conventional loan programs have been added to
Carrington Mortgage Services LLC’s wholesale mortgage lending division, a news release earlier this year said. The Anaheim, California-based company already offered government programs through its wholesale unit.
A post by Rob Chrisman said that M&T has announced a “renewed commitment to the wholesale lending channel.” A new program manual has reportedly been created for mortgage brokers.
