Recent activity in wholesale lending includes new non-QM programs, an expansion of states for one lender and the targeting of financial institutions by another.
Hollywood, Florida-based A&D
Mortgage announced in January that it launched a suite of products that don’t fall within the guidelines for Qualified Mortgages.
A&D Mortgage’s non-QM lineup includes programs for residential properties, investors/commercial properties and foreign nationals, according to the news release.
Interest rates, which start as low as 7.99 percent, are fixed for the first-three years. The maximum loan-to-value ratio is 65 percent.
“Domestic and foreign borrowers with significant down payments and who meet all legal requirements will be able to benefit from these loans that fall outside certain limits set by Freddie Mac and Fannie Mae while taking advantage of the limited income and asset documentation required by A&D,” the statement said.
A&D operates online at www.admortgage.com.
Missouri is the latest state for Parkside Lending LLC
to begin lending in, a March 17 statement said. The Show Me State brings to 48 the number of states that Parkside does business in.
The San Francisco-based company, which was founded in
2004 by Parkside Lending Chairman and Chief Executive Officer Matthew Ostrander, said it has been rapidly growing.
Parkside Lending is online at www.ParksideLending.com.
A recent announcement from NewFed Mortgage Corp. indicated that its third-party origination agreement with Georgetown Bank has been in place for more than a year.
“NewFed Mortgage has significantly increased its origination volume, with the program being so successful in the last year that the TPO agreement became a true cross-lending initiative with business being sent to Georgetown,” the news release said. “The TPO collaboration is built around agency conforming, non-conforming/jumbo and FHA insured mortgage loans.”
The success of the program has prompted NewFed to seek out additional third-party origination clients like Georgetown for custom-tailored relationships.
NewFed is online at www.newfed.com.
The wholesale lending subsidiary of United Shore Financial Services LLC, United Wholesale Mortgage, announced last month its new “pronto team.”
“Pronto is a client service supergroup that is staffed with experts in every mortgage discipline to support United Wholesale Mortgage’s front line teams of account executives and underwriters,” the press release stated. “Comprised of experts in underwriting, closing, secondary marketing, AUS and closing, Pronto is on-call for brokers when additional help is needed in any facet of the loan process.”
Troy, Michigan-based United Wholesale, which claims that it is the biggest wholesale lender in the country, said earlier this year that it was one of the first lenders to offer Fannie Mae’s HomeReady program.
United Wholesale’s website is at www.uwm.com.