A&D Mortgage has announced pricing improvements for 30-year fixed-rate conventional loans under $250,000. Key updates include reduced points across all loan tiers under $250,000, with rates starting as low as 12.5 basis points, as well as a “focused reduction” in points for New York loans.
LendSure has added a new bridge financing product, dubbed “BOOST” (Bridge Option Offering Seamless Transition). Through BOOST, borrowers can tap into the equity of their current home to make a non-contingent offer by getting cash out to use as a downpayment on the new home, instead of waiting for the sale of their current home to close. The BOOST loan pays off the existing mortgage, so no monthly payments are required for 12 months for owner-occupied properties (and six months for non-owner occupied properties) or until the property sells, whichever comes first. Because there are no payments, no debt-to-income (DTI) ratio is calculated on the existing property loan. That gives clients additional time to sell their departure residence and maximize the potential sales price.
Silverton Mortgage has announced the opening of two new offices in Greenville, South Carolina, and Auburn, Alabama. The Greenville office is located at 1467 Woodruff Road, Suite E, and is led by mortgage loan originator Alex Parham. Mortgage loan originator Elizabeth Milner will head up the Auburn office located at 1700 Miracle Road, Suite B.
Premier Lending will become an early adopter of FICO Score 10 T to enhance its non-conforming loan origination efforts, as well as acquisitions of mortgage whole loans. According to FICO, FICO Score 10 T is its most predictive scoring model and can enable an increase in mortgage originations of up to 5% (without taking on additional credit risk), as well as reduce default risk and losses by up to 17%.
CrossCountry Mortgage (CCM) has debuted a new product, named CCM CashPlus, that upgrades a buyer’s pre-approval to a full-cash offer, potentially giving them the edge in a bidding war. CashPlus also protects sellers with no appraisal or finance contingency. Conventional financing and primary residences only.
