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Another Portfolio Lender Emerges

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Another portfolio lender is wading into the waters of non-agency investments. The latest entrant is looking to acquire broker-originated mortgages with low loan-to-value ratios.

A news release Monday promoted the launch of Quadriga Mortgage Group.

The San Diego-based lender says it provides wholesale lending programs on a portfolio basis. Its portfolio programs are being funded through a private-money investing pool. Its offerings target non-prime borrowers, investors and borrowers with non-standard income streams.

“We fund in the non-agency arena, seeking to fund mortgages with lower loan-to-values and borrowers with a demonstrable plan and ability to pay the loan,” the company says on its Web site located at www.quadrigamortgage.com.

Loans up to $1 million are available with LTVs up to 65 percent, according to Quadriga, a subsidiary of New York-based private investment firm Auriga Holdings.

Among its residential programs are loans with no requirements for FICO scores, seasoning or cashout.

Quadriga says that its guidelines allow for mortgage lates, bankruptcy and foreclosure.

The wholesale programs are available only through mortgage brokers and other “third party lending professionals” operating in Arizona, California, Indiana and Nevada. A national expansion is planned.

“Our model broker is a retail originator specializing in conforming loans but who wants an alternative for good loans that don’t qualify for current government and agency programs,”  Quadriga Chief Underwriter Sue Villa said in the announcement.

She explained that the company expects these portfolio loans to be qualified for conventional refinances after two to three years of on-time payments.

Quadriga commenced lending using the Mortgage Builder loan origination system.

Quadriga’s portfolio wholesale launch follows a similar move in June by New Penn Financial LLC. The Plymouth Meeting, Pa.-based company launched its portfolio product as a result of its acquisition by Shellpoint Partners LLC — a venture created with Ranieri Partners. Its program targets jumbo borrowers and investors.

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