The Mortgage Lender Implode-O-Meter – tracking the housing finance breakdown, related to Alt-A and subprime


Housing Economic Crisis News Picks

  • Square Cash is letting some users buy and sell Bitcoin – [2017-11-15]
  • Household debt rises by $116 billion as credit-card delinquencies pile up – [2017-11-15]
  • Richest 1% own over half the world’s wealth – [2017-11-15]
  • After periodic drops of 20 percent, bitcoin tends to come back even stronger – [2017-11-14]
  • Venezuela’s Bondholder Meeting Is a Bust as S P Declares Default – [2017-11-14]
  • Ray Dalio Buys $500 Million In Gold EFTs In Q3 – [2017-11-14]
  • Subprime Auto Delinquency Is Near Crisis Levels at Non-Bank Lenders – [2017-11-14]
  • How to Break Out of Our Long National Tax Nightmare – [2017-11-13]
  • The Cattiness Of Wells Fargo Executives Rivals The Ladies From Dynasty – [2017-11-13]
  • Debt swap problems pile up in China – [2017-11-12]

Latest Posts from the ML Forum!

Go to the forum!

Imploded* Lenders™

About The Implode-o-Meter

ML-Implode.com was created in late 2006 to raise the alarm about the then-burgeoning implosion of the historically-epic housing and economic bubble. Started as a modest web page created by founder Aaron Krowne, this objective was achieved by, uniquely, tracking the in-progress implosion of independent mortgage lending companies then being ignored by a mainstream media in denial of even the existence of the housing bubble. At that time, you were more likely to hear a partyline of “housing always goes up” and juvenile jeers of “bubbles are for bathtubs” from TV’s talking heads, than of even slight concern about a clearly-overextended, already-frozen housing market.

Operated as a broadly-open community forum, ML-Implode quickly took the lead in news about the mortgage implosion and subprime crisis, as industry professionals flocked to the site to share and find out the latest. The site even became, in part, a whistleblower platform, fighting (and winning) half a dozen lawsuits to defend the right of its contributors to post about corruption and malfeasance in financial companies, and be able to do so confidentially.

Despite its initial incarnation being rendered insolvent by these frivolous legal attacks, ML-Implode continues today in a stripped-down, lean-and-mean embodiment, remaining dedicated to tracking the fallout of the 2007-2008 credit crisis. This mission includes keeping tabs on recession/depressionary conditions, the policy response to the economic downturn and continued financial instability, the Fed and other global central bank interventions (including “ZIRP” and quantitative easing), actions and reforms of the monetary authorities, market manipulation (official and private sector), all global geopolitical conflict with economic roots, the evolution of the banking and monetary system (including dollar-alternative “reserve currencies”, gold, silver, and bitcoin and other “virtual currencies”), the effect of the economic turmoil on society, basic themes of economic fairness and justice, and much more.

We continue to doggedly watch all of these interconnected topic areas, daily picking the most important stories and commentaries, and bringing them together in a convenient and comprehensible form on this site. If you share our concerns, utilize one of the icons at the top of this page to “follow” us by twitter, RSS, email, and more.

Featured

Top mortgage lenders


List of Top Non-Prime Lenders of 2017 – Non-Prime Lenders, Bank Statement Loans, Subprime Mortgages,


List of Top Non-Prime Lenders of 2017

Non-prime mortgages are making a comeback and new lenders are introducing new programs almost monthly. While the current loan products are not quite like the pre-recession subprime mortgage programs, they are increasingly becoming available to borrowers with lower credit scores, the self-employed, and other types of borrowers that have been left out from getting a mortgage for almost a decade.

We maintain close scrutiny of all mortgage lenders, guidelines, and programs, and update our website as new information is released. As of November 1, 2017, the following mortgage lenders appear to offer the best options for non-prime borrowers.

# 1- Citadel Servicing

Citadel Servicing is the largest of all non-prime mortgage lenders, including those that offer a bank statement loan program. One of the reasons that Citadel is so popular is they allow up to a 90% LTV with bank statements used for income documentation. They also offer quite a bit of leniency on credit history. This includes credit scores down into the mid-500 s, and no seasoning requirements on major derogatory credit matters, such as bankruptcies, foreclosures, or short sales.

States: AL, AR, AZ, CA, CO, DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MT, NC, NE, NH, NJ, NV, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WY.

#2 – Angel Oak Mortgage Solutions

Angel Oak Mortgage Solutions is now offering loans to people with credit scores as low as 500-519. You can use their quick quote form to see what you may qualify for. If you are willing to place 10% or more for a down payment (the maximum LTV they allow is 90%) you may qualify with a low 500 s credit score. You can learn more details about what Angel Oak offers on their non-prime program overview.

States: AL, AZ, CA, CO, CT, DE, DC, FL, GA, IL, IN, IA, KS, KY, LA, MD, MI, MN, MS, NJ, NV, NC, OK, OH, OR, PA, SC, TN, TX, UT, VA, WA and WI.

#3 – Athas Capital

Athas Capital offers what they technically call subprime loans. The guidelines for the Athas subprime mortgages require that you must have at least a 520 credit score, and 2 years of verified bank statements. The bank statements are allowed to be used instead of pay stubs and tax returns for verifying employment and income. DTI ratios must also be supported, which the specific debt-to-income ratios for their subprime loans are usually capped at 50%.

States Athas Capital Offers Subprime Loans in: AZ, CA, CO, ID, OR, and TX.

States Athas Capital Offers Hard Money Loans in: AZ, CA, CO, ID, KS, MT, NE, NM, OK, OR, TX, UT, WA, and WY.

#4 – Caliber Home Loans

Caliber Home Loans offer the Fresh Start program. This non-prime loan product accommodates to borrowers who can prove their ability to repay a mortgage, but do not qualify for traditional mortgage products. There are no seasoning requirements for major credit issues, such as foreclosures and bankruptcies. The guidelines pertaining to credit are also quite lax. The minimum FICO credit score for the Fresh Start program is a 580. The minimum down payment is 15% and loan amounts are available from $100,000-$1,000,000.

States: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KT, LA, MA, MD, ME, MI, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SD, SC, TX, UT, VA, VT, WA, WV, WI, and WY. Non-prime loans are also available in Puerto Rico and Virgin Islands.

#5 – Prime Equity Mortgage

Prime Equity introduced a new product that provides home financing options to borrowers with credit scores as low as 500, and even one day out of a bankruptcy, foreclosure, judgement, or short sale. All mortgages require at least a 10% down payment. The maximum backend DTI ratio allowed is 50%. In addition to non-prime product, they also offer an ALT-A product. Prime Equity only serves California, however.

#6 – Quicken Loans

Quicken Loans is the nations largest online lender. They fund a wide range of types of mortgages, including those catering to borrowers with lower credit scores. They are not technically a subprime lender, but they do offer many non-prime programs, including their famous Rocket Mortgage.

States: All 50 States, including Alaska and Hawaii.

#7 – JMAC Lending

While not quite a subprime lender, JMAC does offer mortgages to qualifying applicants with credit scores are as low as 650. There programs could be compared to an ALT-A loan of the past. They cater to midrange credit scores, as well as those with higher scores, but with alternative financing needs (such as using bank statements instead of tax returns). You can view more about the different loan guidelines for various products offered by JMAC here: https://jmaclending.app.b ox.com/v/venicematrix

States: AZ, CA, CO, DC, FL, GA, HA, MD, NJ, OR, TN, TX, UT, VA, and WA.

#8 – Carrington Mortgage Services

Carrington Mortgage Services provides mortgages to qualifying applicants with credit scores as low as 550. Anoth er great thing about Carrington is their willingness to participate with down payment assistance programs, and even help guide borrowers through the qualification process of receiving down payment assistance.

States: AL, AR, AZ, CA, CO, CT, DE, FL, GA, ID, IL, IN, IA, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NE, NC, NH, NJ, NM, NY, OH, OK, OR, PA, RI, SD, SC, TN, TX, UT, VA, WA, WV, WI, and WY.

#9 – Green Box Loans

Greenbox Loans offers mortgages that allow credit scores as low as 600. The maximum LTV is 80%, and income can be verified using 24 months of bank statements. The highest loan amount available is $1,000,000.

States: AL, AR, AZ, CA, CO, CT, DE, FL, GA, ID, IL, IN, KS, LA, MD, MI, MS, NC, ND, NJ, OK, OR, PA, TN, TX, and WA.

#10 – Oak Tree Funding

Oak Tree Funding offers several different non-prime products. The core product they offer is their Non-Prime Select program. This product allows credit scores as low as a 540. maximum LTV varies depending on your credit score and type of income documentation you can provide. Alternative income documentation (2 years bank statements) is allowed. Other attractive features are that you only need to be one year out of a bankruptcy. You can view more details of the programs that Oak Tree Funding offers here.

States: AZ, CA, CO, FL, MD, NM, OH, NV, OR, TN, TX, UT, and WA.

Other Non-Prime Mortgage Lenders

The above options were selected as the top 10 non-prime lenders for 2017. There are many other great options though, some of which may offer you a better loan program for your particular needs. You may want to visit the follow mortgage lenders websites to view their programs. Also, we provide a lender matching service, which will help connect you with the best non-prime lenders based on what you qualify for.


Mortgage Rates’ Rise Catches Home Buyers — and Lenders, top mortgage lenders.#Top #mortgage #lenders


Mortgage Rates’ Rise Catches Home Buyers — and Lenders — Off Guard

Top mortgage lenders

When Jared Rutledge called his mortgage broker one morning last week after putting in an offer on a home in Glendale, Ariz., just west of Phoenix, he discovered that the 3.8 percent rate he had been quoted a couple of months ago had already gone up to 4.125 percent. That afternoon, it had inched up to 4.25, and by evening, when he finally called back to finalize the deal, it was 4.375 percent.

“I was kind of frustrated,” Mr. Rutledge said. But with a third child on the way, and a buyer for their current home, he and his wife felt they had little choice. “Instead of holding out and waiting, we locked it in,” he said.

Since the election, mortgage rates have climbed roughly half a percentage point to a 16-month high, adding hundreds, sometimes thousands, of dollars to a home buyer’s yearly payments. (The annual cost of a $400,000 mortgage, for example, rose almost $700.)

The speed and size of the increase took many lenders and borrowers by surprise — and the increase is expected to reverberate across the housing industry, particularly if rates continue to rise next year.

“Anybody who was floating or didn’t lock in a rate is screaming at their lender: ‘How could you do this to me?’” said Guy D. Cecala, chief executive and publisher of Inside Mortgage Finance. “It shot up from 3.5 to 4 percent virtually overnight,” he said, referring to the average 30-year fixed-rate mortgage.

“Does it give people pause? Does it raise the cost of buying a home?” Mr. Cecala asked. “Yes and yes.”

For most of this year, American home buyers have benefited from weakness in the global economy. China has been struggling to sustain the rapid growth it needs to avoid political unrest, a deep recession followed political turmoil in Brazil, and a cloud of uncertainty hangs over Europe after Britain’s vote to leave the European Union.

Those factors, on top of efforts by central banks around the world to stimulate economic activity by keeping short-term interest rates low, have increased demand for safe American assets like government bonds and mortgage-backed securities. The result: The cost for American businesses and consumers to borrow had, until recently, remained exceptionally low.

The turnaround, which was driven by postelection market expectations that a President Trump would lift corporate profits, cut taxes and spend money on infrastructure and roads, caught most experts by surprise. The online real estate brokerage Redfin, for example, had initially forecast that rates for 30-year fixed mortgages would remain below 4 percent through next year, said Glenn Kelman, the company’s chief executive.

Redfin has now updated its forecast and is predicting the 30-year mortgage rate will pass the 4 percent threshold. “I think you’re going to see higher rates than we otherwise would have,” Mr. Kelman said, “but more economic stimulus.”

Wall Street is also expecting that the Federal Reserve Bank will increase its benchmark interest rate when it meets next month. That rate the cost that banks and depository institutions charge one another for overnight loans — has only an indirect impact on mortgage rates. Last December, for instance, after the Fed raised rates by a quarter of a percentage point, mortgage rates went down. But to the extent it reflects the Fed’s confidence in an improving economic outlook, it could signal higher borrowing costs in the months ahead.

For now, said Svenja Gudell, chief economist at Zillow, a real estate data provider, the relatively modest increase in mortgage rates should not have much impact on the current housing market.

“Most consumers don’t make decisions based on a change in mortgage rates,” Ms. Gudell said. “We’re dealing with such a tight inventory, I think they’re more focused on finding a home that they can afford. If mortgage rates go up by half a percent, that’s not going to make them change their minds.”

Freddie Mac Yields

Average for some Federal Home Loan Mortgage Corp. securities.


Lenders One®, Where top mortgage bankers have the winning edge, top mortgage lenders.#Top #mortgage #lenders


Top mortgage lenders

Earn more revenue, cut costs and increase operational efficiency – up to 25 bps per loan. *

Top mortgage lenders

Access products and services that create opportunities to earn more revenue, cut costs and increase operational efficiency. **

Top mortgage lenders

Networking

Build strong connections with 260+ like-minded mortgage bankers to share best practices and learnings.

Top mortgage lenders

Education

Expand market knowledge through continuing education.

Lenders One conferences have been a primary source of education for our organization for many years. They have consistently provided the keys to understanding the complexity of change in our industry with simple takeaways. Those takeaways cover the gamut of process change, vendor introductions and personal connections to help navigate our daily responsibilities and interactions as mortgage bankers.

Lenders One is about the people! It provides an opportunity to come together and share ideas to help build a better business. I have developed relationships and discovered new ideas to continue to compete in this industry.

Lenders One means to me: camaraderie; helping each other win through ideation, education and relationships.

MBA National

Top mortgage lenders

Lenders One will be at MBA National in Denver, CO October 23 – 24th. Reach out today to set a meeting and learn more about membership opportunities and offerings. We are also hosting an exclusive networking reception for current members – contact your Regional Director for more information.

Save the Date Winter Conference 2018

Top mortgage lenders

Mark your calendars! Our Winter Conference will take place March 4 – 7th in Scottsdale, AZ.

L1 Twitter Updates

** These items depend on products and services chosen and are not guaranteed or indicative of future benefit.

** Discounts are illustrative, intended for general informational purposes and do not constitute recommendations or legal advice. Actual discounts may differ from the estimates provided subject to the each vendor’s conditions and requirements.

Where top mortgage bankers have the winning edge.™ Contact our Sales Team


Mortgage Rates’ Rise Catches Home Buyers — and Lenders, top mortgage lenders.#Top #mortgage #lenders


Mortgage Rates’ Rise Catches Home Buyers — and Lenders — Off Guard

Top mortgage lenders

When Jared Rutledge called his mortgage broker one morning last week after putting in an offer on a home in Glendale, Ariz., just west of Phoenix, he discovered that the 3.8 percent rate he had been quoted a couple of months ago had already gone up to 4.125 percent. That afternoon, it had inched up to 4.25, and by evening, when he finally called back to finalize the deal, it was 4.375 percent.

“I was kind of frustrated,” Mr. Rutledge said. But with a third child on the way, and a buyer for their current home, he and his wife felt they had little choice. “Instead of holding out and waiting, we locked it in,” he said.

Since the election, mortgage rates have climbed roughly half a percentage point to a 16-month high, adding hundreds, sometimes thousands, of dollars to a home buyer’s yearly payments. (The annual cost of a $400,000 mortgage, for example, rose almost $700.)

The speed and size of the increase took many lenders and borrowers by surprise — and the increase is expected to reverberate across the housing industry, particularly if rates continue to rise next year.

“Anybody who was floating or didn’t lock in a rate is screaming at their lender: ‘How could you do this to me?’” said Guy D. Cecala, chief executive and publisher of Inside Mortgage Finance. “It shot up from 3.5 to 4 percent virtually overnight,” he said, referring to the average 30-year fixed-rate mortgage.

“Does it give people pause? Does it raise the cost of buying a home?” Mr. Cecala asked. “Yes and yes.”

For most of this year, American home buyers have benefited from weakness in the global economy. China has been struggling to sustain the rapid growth it needs to avoid political unrest, a deep recession followed political turmoil in Brazil, and a cloud of uncertainty hangs over Europe after Britain’s vote to leave the European Union.

Those factors, on top of efforts by central banks around the world to stimulate economic activity by keeping short-term interest rates low, have increased demand for safe American assets like government bonds and mortgage-backed securities. The result: The cost for American businesses and consumers to borrow had, until recently, remained exceptionally low.

The turnaround, which was driven by postelection market expectations that a President Trump would lift corporate profits, cut taxes and spend money on infrastructure and roads, caught most experts by surprise. The online real estate brokerage Redfin, for example, had initially forecast that rates for 30-year fixed mortgages would remain below 4 percent through next year, said Glenn Kelman, the company’s chief executive.

Redfin has now updated its forecast and is predicting the 30-year mortgage rate will pass the 4 percent threshold. “I think you’re going to see higher rates than we otherwise would have,” Mr. Kelman said, “but more economic stimulus.”

Wall Street is also expecting that the Federal Reserve Bank will increase its benchmark interest rate when it meets next month. That rate the cost that banks and depository institutions charge one another for overnight loans — has only an indirect impact on mortgage rates. Last December, for instance, after the Fed raised rates by a quarter of a percentage point, mortgage rates went down. But to the extent it reflects the Fed’s confidence in an improving economic outlook, it could signal higher borrowing costs in the months ahead.

For now, said Svenja Gudell, chief economist at Zillow, a real estate data provider, the relatively modest increase in mortgage rates should not have much impact on the current housing market.

“Most consumers don’t make decisions based on a change in mortgage rates,” Ms. Gudell said. “We’re dealing with such a tight inventory, I think they’re more focused on finding a home that they can afford. If mortgage rates go up by half a percent, that’s not going to make them change their minds.”

Freddie Mac Yields

Average for some Federal Home Loan Mortgage Corp. securities.


Best Texas Mortgage Lender, Houston Home Loans, Mortgage Brokers, top mortgage lenders.#Top #mortgage #lenders


top mortgage lenders

Top mortgage lenders

Pre Qualify Now!

  • Conforming and Non-Conforming Jumbo
  • Get approved for up to 3 million
  • Great Terms and the Best Rates
  • Up to 95% Loan Value
  • Low Down Payment
  • Higher Debt to Income Ratio Requirements
  • Low Interest Rate
  • Gift Funds Allowed for Down Payment
  • Close in 30 days or less
  • Low Interest Rate
  • Closing costs can be included
  • All repairs can be included

  • 1st Preliminary Assessment Let s see if you re qualified.
  • 2nd Appraisal Report Let s find out the value.
  • 3rd Approval and Closing We can close your file in 30 days or less!
  • See exactly how much you can qualify for instantly!
  • Work with our award winning team of local Loan Specialists.
  • Let us help you close your loan in 30 days or less.

Top mortgage lenders

Top mortgage lenders

  • Latest U.S. Mortgage News
  • Mortgage Rates are Updated Daily
  • Complete Consumer Mortgage News
  • AMCAP Mortgage provides the lowest, most current mortgage rates available.
  • Work with the BEST lending company in the Greater Houston Area.
  • Discover simple, affordable, and effective tools to help you secure a mortgage.

Top mortgage lenders

Real Clients. Real Stories. Real Results.

Our goal is to provide you with the best customer service possible.

Top mortgage lenders

AMCAP Mortgage is a company i would really recommend to anyone, not to mention that Gerry , Anna and Donna are very knowledgeable and helpful View more »

Top mortgage lenders

Mr. Nicodemus is truly one of the best in the mortgage industry. He is well versed and extremely knowledgeable regarding View more »

Top mortgage lenders

Before we started looking for a home, we had gone to one of the “big bank” mortgage departments to get pre-approved and to see how View more »

Top mortgage lenders

would highly recommend AMCAP for ANYONE looking to buy a home. Gerry, Anna and the whole team were great to work with and guided View more »

Top mortgage lenders

We just wanted to say thanks again for all your help with everything. We closed and are now proud home owners! The title company View more »


Types of Mortgage Lenders, The Truth About, top mortgage lenders.#Top #mortgage #lenders


Types of Mortgage Lenders

Top mortgage lenders

Mortgage bankers are essentially mortgage lenders that originate and sell their loans in pools on the secondary market to investors such as Freddie Mac and Fannie Mae, along with private investors. If they are non-depository institutions, they finance the loans with warehouse lines of credit extended by other lenders, but quickly sell them off on the secondary market so they can originate new loans. Chase, Quicken, and Wells Fargo Home Mortgage are three of the largest examples, though much smaller operations also share this distinction.

Portfolio Mortgage Lenders

Portfolio mortgage lenders originate and fund their own loans, and may service them for the entire life of the loan. Because they typically offer deposit accounts to consumers, they are able to hold onto the loans they fund. They are also able to offer more flexibility in loan products and loan programs because they don t need to adhere to the guidelines of secondary market buyers. That means unique program guidelines and special offerings that other banks can t offer. Once their loans are serviced and paid for on time for at least a year, they are considered seasoned and can be sold on the secondary market more easily. Bank of America, Chase, and Wells Fargo are examples of portfolio mortgage lenders.

Correspondent Mortgage Lenders

Correspondent mortgage lenders originate and fund loans in their own name, then sell them off to larger mortgage lenders, who in turn service them, or sell them on the secondary market. The loans can be underwritten by the correspondent mortgage lenders, but the loan programs are usually based on terms approved by the larger mortgage lender, or sponsor . Correspondents usually have a array of products from different sponsors, and act as an extension for those larger lenders. In other words, a small correspondent mortgage lender may resell Wells Fargo products and/or Chase products under their own name.

A direct mortgage lender is simply a bank or lender that works directly with a homeowner and underwrites their product in-house, with no need for a middleman or broker. Mortgage bankers and portfolio lenders usually fall under this category if they have retail operations. Examples include SoFi, loanDepot, Wells Fargo and Bank of America, though smaller entities could share this distinction as well.

Wholesale Mortgage Lenders

Wholesale mortgage lenders are similar to mortgage bankers in that they originate and sometimes service loans, and also sell them on the secondary market. Many mortgage banks have wholesale and retail divisions, although wholesale lenders can be independent entities as well.

A wholesale mortgage lender is distinct because it works with independent mortgage brokers, who are client-facing. These brokers work on the retail end with borrowers and handle all correspondence, while simultaneously working with an Account Executive at the wholesale mortgage lender to carry out processing, underwriting, and loan funding. The borrower never actually interacts with the lender, only the broker does.

The wholesale mortgage lender funds the loan, and will usually sell it on the secondary market within a month or two. Some examples include United Wholesale Mortgage and Carrington Mortgage Services.

Warehouse lenders provide financing to other mortgage lenders so they can originate their own mortgages. This short-term funding provides smaller lenders with liquidity so they can focus on making more mortgages while selling existing ones on the secondary market.

Smaller mortgage bankers and correspondent lenders rely on warehouse lines of credit to finance their operations. They pay back the warehouse lines of credit whens loans are sold, and may give a cut to the warehouse lender for each loan that is eventually sold. The mortgages are used as collateral for the temporary financing.

Subprime Mortgage Lenders

Subprime lenders tend to focus on homeowners with less than stellar credit. While the definition of subprime varies from lender to lender, most in the industry characterize it as lending to borrowers with credit scores below 620. But other issues may persist, including limited income and assets, or inability to provide documentation. As a result, interest rates provided by subprime mortgage lenders will be much higher than those at standard lenders. Essentially, subprime lenders are willing to take on more risk for a greater reward (a sky-high interest rate).

This category has since been replaced by non-QM lenders, who make loans that fall outside the Qualified Mortgage (QM) rule. However, loan quality today might be better than that of their predecessors so a straight up comparison isn t entirely fair.

Alt-A mortgage lenders typically offer mortgages to borrowers with limited documentation, limited or no down payment, and/or credit scores mostly between 620-720. This type of mortgage lender falls somewhere between a prime lender and a subprime lender. Borrowers may use an Alt-A mortgage lender because they have a tricky loan scenario or a sticking point that makes it difficult or impossible to close with a traditional mortgage lender. The risk appetite of an Alt-A lender is medium-high.

Mortgage brokers work independently with both banks/mortgage lenders and borrowers, and need to be licensed. Their job is to contact borrowers and bring in potential deals. Once they have a deal, they can send it to a mortgage bank or a wholesale lender. They need to process the loan once it is approved, and can negotiate pricing with the bank or mortgage lender to receive a rebate, known as a yield spread premium. Mortgage brokers may form partnerships with real estate agents to ensure a steady stream of new business.

Loan officers work at retail banks or under mortgage brokers, and basically do the same thing a broker would do, except they don t need to be licensed. They solicit borrowers using direct mail, telemarketing, and similar practices. Brokers usually provide them with office supplies and leads, and each take a split of the total commission. They may not need be well experienced, so take caution if and when one solicits you to ensure they are well educated on mortgages.

Related: Take a look at the top mortgage lenders in the second quarter of 2010.


Reverse Mortgage Lenders in California, #1 Rated HUD Approved, top mortgage lenders.#Top #mortgage #lenders


Get MORE from Your Equity with All Reverse Mortgage

California Reverse Mortgage Lenders

All Reverse Mortgage is headquartered in California and provides lending services around the country. All Reverse began in November 2007 and as the name implies, the only loan product that All Reverse Mortgage originates is the residential reverse mortgage loan.

We offer reverse mortgages to California homeowners and our staff has a combined lending experience exceeding 100 years with national mortgage banking experience on both coasts and points between. Due to this varied direct experience, All Reverse Mortgage is well positioned to be able to assist borrowers with all specific needs associated with the reverse mortgage program.

California Reverse Mortgage Facts

HUD Approved Direct Lender

All Reverse Mortgage is approved with the Department of Housing and Urban Development (HUD) to originate, underwrite and close the HUD Home Equity Conversion Mortgage (HECM, or “Heck-um”). The HECM is HUD’s acronym for their reverse mortgage loan.

All Reverse Mortgage originates in California and closes both refinance loans, where borrowers already own their home and are looking to either pay off their existing loan and have no more monthly mortgage payment, utilize their equity for other purposes if they have no existing loan, or possibly a combination of both

About All Reverse Mortgage

The owners and management of All Reverse were part of the team that wrote and sold the first fixed rate jumbo reverse mortgage in 2008 and as such, have extensive experience in jumbo or proprietary loan programs as well. We are always looking for new products to offer to borrowers of high valued homes in the higher home priced markets that the HUD HECM may just not serve as well. Jumbo or proprietary programs typically offer lower Principal Limits as they relate to home values, though, so not all borrowers are best served with the jumbo programs available.

A seasoned originator can readily inform borrowers which program will best suit their needs and the positives and negatives of each so that the borrower can make an informed decision. It is no longer uncommon anywhere in the country for a market to be a solid HUD HECM market and then within just a short distance for a niche jumbo market to be located where there is a need for a jumbo program.

Therefore, homeowners aged 62 and above in all markets have seen that the reverse mortgage can be a very solid financial tool and many are now seeking the reverse mortgage to augment their retirement plans and not so much the mortgage of last resort. Everything from the elimination of existing mortgage payments to the line of credit that grows make reverse mortgage borrowers understand that this program allows them to utilize their homes to not only live comfortably in their family home, but to plan for the future as well.

California Lending Limits

As the most populous state in the country with more than 39 million residents, California is well known for its diverse population—and geography. There are mountains in the east, forests in the northwest, deserts in the southeast and miles upon miles of agricultural land in the center of the state.

There is the misconception that all parts of California offer a warm climate. Actually, due to its massive size, the state’s climate ranges from rainforest-like moisture to temperatures cold enough to produce snow in the mountains.

Some popular areas include the Sierra Nevada mountain range, the Mojave Desert, Yosemite National Park, Mount Shasta, Big Sur and Redwood National Park.

The range in climate makes the state very appealing to people who may want to live on the beach but can easily get to snow capped mountains within a short distance.

For people interested in retiring to California, it may be a good choice if a reverse mortgage is in the cards as the average home value of the state is $485,800, which is under the HECM lending limit of $636,150.

Some of the largest cities in California include Los Angeles, San Diego, San Jose, San Francisco and Fresno. Los Angeles is most popularly know as the location of Hollywood film studios and of course, the famous Hollywood sign.

In addition, California has numerous sports teams. Some of the teams that represent the state include the Los Angeles Rams football team, the Oakland Raiders football team, the San Francisco Giants baseball team and the Los Angeles Kings hockey team.

If you reside in California, All Reverse Mortgage is here to answer your questions. Access our free calculator to estimate your reverse mortgage lending limit or call us Toll Free (800) 565-1722

Other Areas of Interest in California

Our Exclusive Programs Designed to Fit Your Needs.

All Reverse Mortgage has consistently brought exclusive offers to our valued California homeowners. Because of our unique process we’re able to offer a better federally-insured reverse mortgage with no compromise.

Take a look at some of our program benefits that you won’t find elsewhere:

Top mortgage lenders


List of Top Non-Prime Lenders of 2017 – Non-Prime Lenders, Bank Statement Loans, Subprime Mortgages,


List of Top Non-Prime Lenders of 2017

Non-prime mortgages are making a comeback and new lenders are introducing new programs almost monthly. While the current loan products are not quite like the pre-recession subprime mortgage programs, they are increasingly becoming available to borrowers with lower credit scores, the self-employed, and other types of borrowers that have been left out from getting a mortgage for almost a decade.

We maintain close scrutiny of all mortgage lenders, guidelines, and programs, and update our website as new information is released. As of November 1, 2017, the following mortgage lenders appear to offer the best options for non-prime borrowers.

# 1- Citadel Servicing

Citadel Servicing is the largest of all non-prime mortgage lenders, including those that offer a bank statement loan program. One of the reasons that Citadel is so popular is they allow up to a 90% LTV with bank statements used for income documentation. They also offer quite a bit of leniency on credit history. This includes credit scores down into the mid-500 s, and no seasoning requirements on major derogatory credit matters, such as bankruptcies, foreclosures, or short sales.

States: AL, AR, AZ, CA, CO, DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MT, NC, NE, NH, NJ, NV, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WY.

#2 – Angel Oak Mortgage Solutions

Angel Oak Mortgage Solutions is now offering loans to people with credit scores as low as 500-519. You can use their quick quote form to see what you may qualify for. If you are willing to place 10% or more for a down payment (the maximum LTV they allow is 90%) you may qualify with a low 500 s credit score. You can learn more details about what Angel Oak offers on their non-prime program overview.

States: AL, AZ, CA, CO, CT, DE, DC, FL, GA, IL, IN, IA, KS, KY, LA, MD, MI, MN, MS, NJ, NV, NC, OK, OH, OR, PA, SC, TN, TX, UT, VA, WA and WI.

#3 – Athas Capital

Athas Capital offers what they technically call subprime loans. The guidelines for the Athas subprime mortgages require that you must have at least a 520 credit score, and 2 years of verified bank statements. The bank statements are allowed to be used instead of pay stubs and tax returns for verifying employment and income. DTI ratios must also be supported, which the specific debt-to-income ratios for their subprime loans are usually capped at 50%.

States Athas Capital Offers Subprime Loans in: AZ, CA, CO, ID, OR, and TX.

States Athas Capital Offers Hard Money Loans in: AZ, CA, CO, ID, KS, MT, NE, NM, OK, OR, TX, UT, WA, and WY.

#4 – Caliber Home Loans

Caliber Home Loans offer the Fresh Start program. This non-prime loan product accommodates to borrowers who can prove their ability to repay a mortgage, but do not qualify for traditional mortgage products. There are no seasoning requirements for major credit issues, such as foreclosures and bankruptcies. The guidelines pertaining to credit are also quite lax. The minimum FICO credit score for the Fresh Start program is a 580. The minimum down payment is 15% and loan amounts are available from $100,000-$1,000,000.

States: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KT, LA, MA, MD, ME, MI, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SD, SC, TX, UT, VA, VT, WA, WV, WI, and WY. Non-prime loans are also available in Puerto Rico and Virgin Islands.

#5 – Prime Equity Mortgage

Prime Equity introduced a new product that provides home financing options to borrowers with credit scores as low as 500, and even one day out of a bankruptcy, foreclosure, judgement, or short sale. All mortgages require at least a 10% down payment. The maximum backend DTI ratio allowed is 50%. In addition to non-prime product, they also offer an ALT-A product. Prime Equity only serves California, however.

#6 – Quicken Loans

Quicken Loans is the nations largest online lender. They fund a wide range of types of mortgages, including those catering to borrowers with lower credit scores. They are not technically a subprime lender, but they do offer many non-prime programs, including their famous Rocket Mortgage.

States: All 50 States, including Alaska and Hawaii.

#7 – JMAC Lending

While not quite a subprime lender, JMAC does offer mortgages to qualifying applicants with credit scores are as low as 650. There programs could be compared to an ALT-A loan of the past. They cater to midrange credit scores, as well as those with higher scores, but with alternative financing needs (such as using bank statements instead of tax returns). You can view more about the different loan guidelines for various products offered by JMAC here: https://jmaclending.app.b ox.com/v/venicematrix

States: AZ, CA, CO, DC, FL, GA, HA, MD, NJ, OR, TN, TX, UT, VA, and WA.

#8 – Carrington Mortgage Services

Carrington Mortgage Services provides mortgages to qualifying applicants with credit scores as low as 550. Anoth er great thing about Carrington is their willingness to participate with down payment assistance programs, and even help guide borrowers through the qualification process of receiving down payment assistance.

States: AL, AR, AZ, CA, CO, CT, DE, FL, GA, ID, IL, IN, IA, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NE, NC, NH, NJ, NM, NY, OH, OK, OR, PA, RI, SD, SC, TN, TX, UT, VA, WA, WV, WI, and WY.

#9 – Green Box Loans

Greenbox Loans offers mortgages that allow credit scores as low as 600. The maximum LTV is 80%, and income can be verified using 24 months of bank statements. The highest loan amount available is $1,000,000.

States: AL, AR, AZ, CA, CO, CT, DE, FL, GA, ID, IL, IN, KS, LA, MD, MI, MS, NC, ND, NJ, OK, OR, PA, TN, TX, and WA.

#10 – Oak Tree Funding

Oak Tree Funding offers several different non-prime products. The core product they offer is their Non-Prime Select program. This product allows credit scores as low as a 540. maximum LTV varies depending on your credit score and type of income documentation you can provide. Alternative income documentation (2 years bank statements) is allowed. Other attractive features are that you only need to be one year out of a bankruptcy. You can view more details of the programs that Oak Tree Funding offers here.

States: AZ, CA, CO, FL, MD, NM, OH, NV, OR, TN, TX, UT, and WA.

Other Non-Prime Mortgage Lenders

The above options were selected as the top 10 non-prime lenders for 2017. There are many other great options though, some of which may offer you a better loan program for your particular needs. You may want to visit the follow mortgage lenders websites to view their programs. Also, we provide a lender matching service, which will help connect you with the best non-prime lenders based on what you qualify for.


Types of Mortgage Lenders, The Truth About, top mortgage lenders.#Top #mortgage #lenders


Types of Mortgage Lenders

Top mortgage lenders

Mortgage bankers are essentially mortgage lenders that originate and sell their loans in pools on the secondary market to investors such as Freddie Mac and Fannie Mae, along with private investors. If they are non-depository institutions, they finance the loans with warehouse lines of credit extended by other lenders, but quickly sell them off on the secondary market so they can originate new loans. Chase, Quicken, and Wells Fargo Home Mortgage are three of the largest examples, though much smaller operations also share this distinction.

Portfolio Mortgage Lenders

Portfolio mortgage lenders originate and fund their own loans, and may service them for the entire life of the loan. Because they typically offer deposit accounts to consumers, they are able to hold onto the loans they fund. They are also able to offer more flexibility in loan products and loan programs because they don t need to adhere to the guidelines of secondary market buyers. That means unique program guidelines and special offerings that other banks can t offer. Once their loans are serviced and paid for on time for at least a year, they are considered seasoned and can be sold on the secondary market more easily. Bank of America, Chase, and Wells Fargo are examples of portfolio mortgage lenders.

Correspondent Mortgage Lenders

Correspondent mortgage lenders originate and fund loans in their own name, then sell them off to larger mortgage lenders, who in turn service them, or sell them on the secondary market. The loans can be underwritten by the correspondent mortgage lenders, but the loan programs are usually based on terms approved by the larger mortgage lender, or sponsor . Correspondents usually have a array of products from different sponsors, and act as an extension for those larger lenders. In other words, a small correspondent mortgage lender may resell Wells Fargo products and/or Chase products under their own name.

A direct mortgage lender is simply a bank or lender that works directly with a homeowner and underwrites their product in-house, with no need for a middleman or broker. Mortgage bankers and portfolio lenders usually fall under this category if they have retail operations. Examples include SoFi, loanDepot, Wells Fargo and Bank of America, though smaller entities could share this distinction as well.

Wholesale Mortgage Lenders

Wholesale mortgage lenders are similar to mortgage bankers in that they originate and sometimes service loans, and also sell them on the secondary market. Many mortgage banks have wholesale and retail divisions, although wholesale lenders can be independent entities as well.

A wholesale mortgage lender is distinct because it works with independent mortgage brokers, who are client-facing. These brokers work on the retail end with borrowers and handle all correspondence, while simultaneously working with an Account Executive at the wholesale mortgage lender to carry out processing, underwriting, and loan funding. The borrower never actually interacts with the lender, only the broker does.

The wholesale mortgage lender funds the loan, and will usually sell it on the secondary market within a month or two. Some examples include United Wholesale Mortgage and Carrington Mortgage Services.

Warehouse lenders provide financing to other mortgage lenders so they can originate their own mortgages. This short-term funding provides smaller lenders with liquidity so they can focus on making more mortgages while selling existing ones on the secondary market.

Smaller mortgage bankers and correspondent lenders rely on warehouse lines of credit to finance their operations. They pay back the warehouse lines of credit whens loans are sold, and may give a cut to the warehouse lender for each loan that is eventually sold. The mortgages are used as collateral for the temporary financing.

Subprime Mortgage Lenders

Subprime lenders tend to focus on homeowners with less than stellar credit. While the definition of subprime varies from lender to lender, most in the industry characterize it as lending to borrowers with credit scores below 620. But other issues may persist, including limited income and assets, or inability to provide documentation. As a result, interest rates provided by subprime mortgage lenders will be much higher than those at standard lenders. Essentially, subprime lenders are willing to take on more risk for a greater reward (a sky-high interest rate).

This category has since been replaced by non-QM lenders, who make loans that fall outside the Qualified Mortgage (QM) rule. However, loan quality today might be better than that of their predecessors so a straight up comparison isn t entirely fair.

Alt-A mortgage lenders typically offer mortgages to borrowers with limited documentation, limited or no down payment, and/or credit scores mostly between 620-720. This type of mortgage lender falls somewhere between a prime lender and a subprime lender. Borrowers may use an Alt-A mortgage lender because they have a tricky loan scenario or a sticking point that makes it difficult or impossible to close with a traditional mortgage lender. The risk appetite of an Alt-A lender is medium-high.

Mortgage brokers work independently with both banks/mortgage lenders and borrowers, and need to be licensed. Their job is to contact borrowers and bring in potential deals. Once they have a deal, they can send it to a mortgage bank or a wholesale lender. They need to process the loan once it is approved, and can negotiate pricing with the bank or mortgage lender to receive a rebate, known as a yield spread premium. Mortgage brokers may form partnerships with real estate agents to ensure a steady stream of new business.

Loan officers work at retail banks or under mortgage brokers, and basically do the same thing a broker would do, except they don t need to be licensed. They solicit borrowers using direct mail, telemarketing, and similar practices. Brokers usually provide them with office supplies and leads, and each take a split of the total commission. They may not need be well experienced, so take caution if and when one solicits you to ensure they are well educated on mortgages.

Related: Take a look at the top mortgage lenders in the second quarter of 2010.