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Tough Broker Programs Still Exist


Tough Broker Programs Still ExistRecent wholesale program activity

May 27, 2008



While mortgage brokering has become primarily limited to conforming programs and loans insured by the Federal Housing Administration, some regional and niche wholesale lenders still offer programs that don’t fit mainstream guidelines.

Ameribank Mortgage Co. is touting stated-income, stated-asset loans up to 80 percent loan-to-value on borrowers with 680 credit scores. The program also allows non-owner occupied properties up to 75 percent LTV.

The Williston, Vt.-based federally chartered bank noted its FHA programs allow up to 50 percent debt ratios, mortgage lates and chapter 13 bankruptcy buyouts. Ameribank, which claims to be “one of the fastest growing mortgage companies in the United States,” said conforming and FHA loans submitted in Fannie Mae 3.2 format close in five days.

TD Investment Funding Inc. is offering owner-occupied financing from $50,000 to $5 million for borrowers in California and Nevada who are currently in foreclosure or in chapter 13 bankruptcy, according to a loan search at The hard-money program allows up to 70 percent LTV.

Borrowers in Arizona, California, Florida, Oregon, Utah and Washington can qualify for first- or second-lien home-equity lines-of-credit at Advantage Capital Equity Solutions on a stated-income, stated-asset basis, another LenderLab search indicated. Loan amounts range from $25,000 to $500,000, while the maximum LTV is 60 percent. Acceptable collateral includes 1-4 unit properties, and there are no credit score requirements.

Another program found on the LenderLab search engine was a 90 percent LTV loan for self-employed borrowers with credit scores as low as 550 utilizing 12 month’s bank statements from Maitland Mortgage Lending Co. Available in Florida, Georgia and Maryland, the product requires foreclosures to be at least 36 months old and bankruptcies to be at least 24 months old.

Maitland noted, however, that a mortgage insurance provider is utilized.

Wells Fargo Home Mortgage cut its maximum combined LTV to 80 percent on second homes, a Newsflash May 19 said. The company gave brokers until May 23 to submit and register loans that exceeded 80 percent, and added that after May 23, applications will be re-decisioned based on the policy guidelines in effect at that point.

Among other changes announced by Wells Fargo Wholesale Lending was the availability of its online feedback tool Direct Express for government loan submissions, the requirement that FHA submissions under Loan Prospector utilize Equifax or CREDCO, and an indefinite delay on an increase to pricing for loans submitted without Direct Express feedback.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of




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