Things are happening on the lender front with many different lenders expanding their Non QM product offerings.
From Rob Chrisman this morning:
Citadel Servicing Corporation, specializing in Non-QM & Non-Prime lending, is expanding its Correspondent Conduit. “Citadel, a leader in Non-QM lending, is committed to guiding Retail Correspondent Sellers through the process of becoming successful and profitable in this underserved and expanding market. By offering comprehensive onsite training on originating and underwriting practices, Citadel believes that Retail Correspondents will quickly augment their current production volumes with enhanced profitability. Citadel’s leading industry slate of Full Doc and 24 Month Bank Statement programs with extended ratios is available to those qualified borrowers who don’t fit into the Prime Conventional box. Additional features include loan to value up to 85%, interest only, loan amounts to $3MM, no reserves, no seasoning on bankruptcies, short sales or foreclosure to name but a few of the value added items Citadel programs brings to this part of the mortgage space. Whether it is flow or bulk, if you are interested in learning more about Citadel’ programs from an experienced investor who “knows the ropes”, please contact Alan Peviani.”
On the broker side, rapidly growing Integrity First Financial Group, Inc. has entered the Non-QM, Non-Prime space with its own residential mortgage offering. Industry veteran Tim Larin, who will lead the “Specialty Finance” division, believes this space is grossly underserved. “Because our product adds theory to a make sense environment we still can maintain the requirements of ATR.” Alex Barnett, President of Integrity First, commented that, “With this augmentation in our product line, we feel Integrity First Financial can aggressively serve the communities of the 28 states in which we lend.” Integrity First’s sustainable growth has resulted in local and national recognition in Inc. Magazine’s list of “500 Fastest Growing Privately Held Companies.” For more information about how to work with Integrity First, please contact Tim Larin (925.980.6080).
If you are looking for a mortgage and someone has told you that “Non Qualified Mortgage programs” might be the way to go – be sure to get matched with a lender to see if you can get qualified. In today’s mortgage world, many different lenders are expanding their non qualified mortgage programs every day.