MountainView and CMC partner to give originators opportunity to sell kickbacks
Capital Markets Cooperative, a partnership of residential mortgage loan originators, and mortgage loan trading affiliate MountainView Capital Group announced Wednesday a strategic alliance that allows CMC members to access MountainView's Loan Purchase Program. The program is an outlet for loans rejected by the large investors and aggregators. When an originator receives a kickback, essentially a rejection of purchase for a loan by the GSEs or a big bank, they can come to MountainView who will purchase the loans through the MountainView Opportunities Fund II. Now all CMC members have that opportunity. "One of MountainView's differentiators is that all data analysis, pricing, due diligence and contract finance is done in house," said Jonas Roth, managing director at MountainView Capital Group who also runs the program. "We also have capital immediately available through MountainView Mortgage Opportunities Fund II, which invests in residential whole loans." In late June, CMC entered another strategic alliance with StoneHill Group, a service provider of originations, which gave CMC members access to the firm's services. Write to Christine Ricciardi.