Items Tagged with 'Non-conforming mortgage'

ARTICLES

  • MountainView set to invest in “non-prime” mortgages

    Seeks to capitalize on underserved market
    “The company is responding to demand in the origination market that is not being met by lenders who have significantly tightened underwriting requirements and are adversely affecting consumers who can in fact demonstrate the ability to repay their home loans,” MountainView said in a release.
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  • Wells Fargo Exits Jumbo Wholesale Lending

    Wells Fargo & Co. [stock WFC][/stock], as of this week, has suspended non-conforming mortgage product offerings through its wholesale channel, due to "low market demand and higher risks," according to a statement from the banking giant Thursday. The decision is temporary, the bank said, although it wouldn't specify when it might resume future jumbo wholesale funding.
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  • Rate Spread Between Traditional Conforming and Jumbo Mortgages Remains Stubbornly High

    The uncharacteristically high spread between 30-year fixed rate jumbo and conforming mortgages measured 1.36 percent this week, according to the BanxQuote Index; the company said that the national average 30-year fixed rate conforming mortgage moved up to 6.63 percent, while the the national average 30-year fixed rate jumbo mortgage up to 7.99 percent this week.
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  • Full Circle: FBR to Sell First NLC to Sun Capital

    Friedman, Billings, Ramsey Group, Inc. said on Thursday that it will sell most of First NLC Financial Services, LLC to an affiliate of Sun Capital Partners in a deal worth $75 million. Under the terms of the deal, FBR will invest $15 million as part of a recapitalizatin of the subprime originator, with the remaining funds coming from Sun Capital.
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