Stonegate Mortgage Corporation (SGM) will expand its offering of non-agency mortgage products, which will be accessible through its retail, wholesale and correspondent channels.
Stonegate’s release of select ARM and expanded fixed-rate products represent a significant expansion of the lender’s product suite.
The products feature:
- Select ARM products offer 90% LTV with no mortgage insurance up to conforming limits, including high-balance limits in applicable areas.
- The expanded fixed rate products include loans to $5 million in select areas, 85% LTV (No MI) to $2 million, cash out refinance to 75% LTV, investment properties to 70%, cash out amounts to $1 milliion, and second homes to 80% LTV.
“We are very pleased to release this series of non-agency mortgage products. In order to remain a leader in the mortgage industry, Stonegate Mortgage will continue to deliver high-quality service for customers, and continually expanding our product offering contributes to our efforts to satisfy our customers’ needs,” said Lisa Rogers, executive vice president of loan origination.
Back in June 2013, Stonegate announced it would provide a non-agency jumbo loan product through its own network of retail offices.
The offering was created to help homeowners have the ability to purchase or refinance single-family and 2-unit owner-occupied properties, one-unit second homes, planned unit developments and rural properties of 10 acres or less.