Get Your Mortgage Rate Quote in Just 30 Seconds

Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below.

Fmr CFPB Official’s Firm to Offer Wholesale Non-QMs

A company founded by a former Consumer Financial Protection Bureau official has agreed to a merger that has it providing non-Qualified Mortgage through the wholesale channel.

Fenway Summer LLC calls itself a hybrid advisory and venture investment firm. The Washington, D.C.-based company was founded in April 2013 by Raj Date.

Date was the former deputy director at the CFPB and a special advisor to the Treasury Secretary. But he also spent time in the private sector at Deutsche Bank and Capital One Financial Corp.

An announcement Tuesday said Fenway has agreed to merge with Ethos Lending LLC.

Ethos says it is a residential home lender specializing in agency eligible mortgage.

The combined organization will operate nationally as Ethos Lending and focus on agency mortgages and non-QMs.

“Fenway Summer LLC has been incubating a non-qualified mortgage company alongside other ventures — including a recently announced credit card venture — for several months,” the announcement said.

Ethos said it expects to begin originating agency mortgages in the second quarter. It plans on being one of the first wholesale originators of non-QM loans.

Its product menu is expected to include hard-to-find programs such as interest-only loans under the current conforming balance threshold of $417,000.

While Date will serve as chairman of the combined organization, Fenway Summer Chief Executive Officer Mark Lefanowicz will serve as Ethos CEO. Lefanowicz previously worked as chief financial officer at Provident Funding and CEO at E-LOAN.

Ethos Lending LLC Founder Adam Carmel has been named president of the new organization.

Popular posts

7 Refinance Strategies
7 Refinance Strategies

Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...

7 Refinance Strategies
Is Refinancing With Your Present Lender Preferable?

Do Not Accept the First Refinancing Offer You Receive Homeowners should not accept the first refinancing rate provided to them. This is particularly important if you are applying with your existing lender. Some mortgage lenders have mechanisms in place that prioritize...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

Fannie Mae Profile

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC...