Best automation opportunities for loan processing

Join our expert panelists to learn how lenders can achieve their goals using the integration of intelligent document automation and RPA technology.

4 Strategies to Strengthen Customer Relationships

Discover the right strategies to execute fast-acting campaigns, track results and improve your bottom line – all while strengthening customer relationships.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

MortgageReal Estate

Mortgage industry increases focus on jumbo loans amid rising home prices

Launch multimillion-dollar home loan products

Several players in the mortgage industry are increasing their focus on higher loan amounts for residential home buyers as home prices continue to increase.

The median price for a home in California, for example, recently reached a new high of just over $600,000, and five counties in the Bay Area are even seeing a median home price of more than $1 million.

Given these rising home prices, it comes as no surprise that some companies are beginning to focus more on their jumbo loan offerings.

Verus Mortgage Capital, a correspondent investor that offers residential non-prime lending solutions, recently announced it increased its loan amounts to $5 million for several of its non-QM programs and higher loan-to-value ratios for interest-only loans.

Here are the programs that will see an increase in loan amounts:

  • Investor Solution Full Documentation, Self Employed and Foreign National programs, from $2 million to $5 million, starting at $75,000. 
  • Credit-impaired borrower loans from $2 million to $5 million, starting at $100,000, through the Credit Ascent program.
  • Higher-balance loans offered with alternative documentation for self-employed individuals from $3 million to $5 million, starting at $150,000 through the Prime Ascent program. Prime Ascent interest-only loan LTVs increased from 80% to 85%.

“At Verus Mortgage Capital, we’re dedicated to building the non-QM market,” VMC President Dane Smith said. “We are committed to offering lenders flexible funding options for underserved borrowers who don’t fit into the conventional profiles.”

“Right now, non-QM lending is a huge opportunity for lenders to grow their businesses and provide solutions to fill a very real void in our industry,” Smith said.

And Eave, a jumbo mortgage lender in Colorado, also announced it launched a new suite of products for home loans up to $20 million.

The products are aimed at helping home buyers avoid the need to cash out investments to win bids on houses, the company explained. Eave announced it fully underwrites buyers up front, enabling homebuyers and their real estate agents know exactly how much home they are approved for and can act with the same speed as cash buyers.

Most Popular Articles

Chopra warns of post-COVID housing market fallout

Rohit Chopra warned of housing market fallout and said he would focus on helping struggling homeowners at his Senate Confirmation hearing.

Mar 03, 2021 By

Latest Articles

CFPB delays QM compliance date to October 2022

The Consumer Financial Protection Bureau released a notice of proposed rulemaking on Tuesday to delay the mandatory compliance date of the Qualified Mortgage final rule from July 1, 2021 to October 1, 2022.

Mar 04, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please