Mortgage Daily Logo

New Wholesale Programs Launched

Mortgage News

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.

In addition
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.

Related Posts

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Third-Quarter 2012 Mortgage Litigation Index

Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Fannie Mae and Freddie Mac Orangeburg County, Richland County, South...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Net Branch Lawsuits

Litigation involving net branch operations. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story PHH Mortgage Corp. Mathews Supreme Court of Virginia na Court held that the term "branch office" includes not only...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Whistleblower Lawsuits

Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure.   Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Bank of...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming paperwork has been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and furniture need to...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand-new mortgage loan can be a difficult task, especially for first-time homeowners.   After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first...

Newsletter

Don’t worry, we don’t spam