New programs recently being offered by wholesale mortgage lenders include nonprime programs, high loan-to-value jumbo loans and a product for foreign national borrowers.
A promotional notice from Citadel Servicing Corp. indicated that
it now offers nonprime loans for borrowers with FICO scores as low as 500 and loan amounts up to $750,000.
Borrowers whose FICO scores are at least 600 can qualify for loan amounts as high as $3 million, according to the notice from the Irvine, California-based mortgage banking firm.
Citadel said it allows loan amounts up to $3 million with LTV ratios up to 80 percent, while it will allow up to 90 percent LTV ratios on loans up to $1 million. The company operates online at www.citadelservicing.com.
Another wholesale lender, Greenbox Loans Inc., is advertising a foreign national program with LTV ratios up to 70 percent.
Loan amounts range from $100,000 to $1 million.
The Los Angeles-based company
requires 12 months reserves and an international credit report with three credit references from the country of origin. Only investment properties and second homes are allowed on the program. Information about becoming approved with Greenbox is available at www.greenboxloans.com.
A Feb. 13 news release indicated that Parkside Lending LLC has expanded its jumbo loan program. With the enhancement, mortgage brokers and correspondent lenders can now fund jumbo mortgages with LTV ratios as high as 95 percent.
San Francisco-based Parkside noted that one of four new programs allows both lender-paid and borrower-paid mortgage insurance. Parkside is online at www.ParksideLending.com.
A Dec. 12, 2016, news release from United Wholesale Mortgage said that its new Loan Swap technology enables mortgage brokers to view the order of loans in line to be underwritten. With the new tool, brokers can choose to move some of their files ahead of others.
The Troy, Michigan-based firm’s website is located at www.UWM.com.
A month earlier,
UWM said it was embarking on an initiative to plant a tree for each document-free loan closed in 2017. The wholesaler, which says it currently closes 11 percent of its loans on a doc-less basis, has a goal of going doc-less on 75 percent of its loans by the end of this year.
UWM claims to be the biggest wholesale mortgage lender in the country.