Among several new programs recently offered by wholesale lenders are non-QM loans, reverse mortgages and jumbo mortgages. Commercial mortgage products also hit the market.
Home loans that don’t meet Qualified Mortgage requirements are now available from A&D Mortgage. The wholesale non-QM programs include residential and commercial products.
The Hollywood, Florida-based wholesale lender said its non-QM product lineup also includes investor properties and and programs for foreign nationals.
Rates start at 7.99 percent.
A&D noted that the maximum loan-to-value ratio is 65 percent, and acceptable properties include single-family residences, townhomes and planned unit developments. Several types of commercial properties
are also allowable.
Mortgage brokers can access A&D online at www.admortgage.com.
American Advisors Group said Wednesday that its
jumbo reverse mortgage loan, the AAG Advantage, has been released to its wholesale partner network in California. The program allows loans on properties valued at up to $6 million.
to property types eligible for home-equity conversion mortgages, AAG’s reverse jumbo product can also be used on loans backed by Ginnie Mae-approved condominiums.
AAG’s wholesale products are online at www.aag.com/wholesale.
The reverse mortgage programs at Open Mortgage LLC are now being offered through the wholesale channel. The Austin, Texas-based company originally started originating HECMs through the retail channel in 2010.
Open Mortgage President and Chief Executive Officer Scott Gordon
noted in the May 20 announcement that the firm’s early entry into reverse mortgages has enabled it to build internal expertise and prepare to serve loan originators in a wholesale capacity.
Sharon Falvey, director of sales operations at Open Mortgage, added that mortgage brokers mortgage brokers are eager to add a product that differentiates them in the marketplace, but they may not know where to start. She noted that they are eager to attract reputable mortgage brokers who can responsibly originate HECMs.
Open Mortgage’s website is at www.openmortgage.com.
A new jumbo mortgage program announced last week by United Wholesale Mortgage promises brokers an easy loan process, competitive rates and a 25-day-or-less closing.
The Jumbo Elite program enables loan amounts up to $2 million for borrowers with credit scores of at least 740. Both primary residences and second homes can be financed through the program.
Troy, Michigan-based UWM, which operates online at www.uwm.com, issued a press release in February touting a new “Pronto Team.” The help desk is intended to provided “the fastest and most streamlined client service in the industry.”
UWM claims that it was one of the first lenders to offer Fannie Mae’s HomeReady program, which allows down payments of as little as 3 percent.
San Francisco-based Parkside Lending LLC reported in March that its wholesale and correspondent lending programs are now being offered in Missouri.
Parkside’s website is located at www.parksidelending.com.
NewFed Mortgage Corp. reported late last year that its third-party origination agreement with Georgetown Bank, which marked NewFed’s entry into the wholesale lending channel in January 2015, has resulted in significant loan production.
“As a result of the TPO program’s success, NewFed is now expanding origination relationships with similar lending institutions,” the news release said. “The company can custom design a wholesale TPO program that meets the lending needs of its partners.”
NewFed maintains its office in Danvers, Massachusetts, and its website at www.newfed.com.