AUSTIN, TEXAS/ APRIL 16, 2019 (STL.News)
Privately-owned mortgage banking firm, 360 Mortgage Group, LLC (“360 Mortgage”), announced its exclusive launch of the Agency NINA pilot program. This program is a no income, no asset required product for homeowners. The Agency NINA allows for LTVs (loan to value) of up to 80% and FICO scores as low as 620. 360 Mortgage has received approval to issue up to $1 billion of new production under this new pilot program. Once the $1 billion mark is met, the company will evaluate performance to determine if additional occupancy types will be permitted. This initial phase is designed for non-owner-occupied investment properties. The idea behind this product is to allow a more lenient option for investors to purchase, refinance or cash out of their properties.
“We are excited to be the first lender in the marketplace to offer this unique product. It isn’t some non-QM bank statement program you see every other lender out there offering. Rather, a no income, no asset common sense FICO and LTV based solution for those that are willing and capable of making timely payments but don’t fit within the highly regulated, ultra conservative, guidelines every other lender offers,” said 360 Mortgage Group Chief Operating Officer Andrew WeissMalik.
Doing more with less has always been a mantra at 360 Mortgage and the company is confident that this pilot program will help to provide a better solution for a large segment of the market, that shows no signs of slowing down. This program, exclusive to 360 Mortgage, eliminates the need for the borrower to provide countless pieces of information and supporting documentation. The speed and simplicity of the product enables the investor to obtain a loan approval without providing unnecessary documentation.
About 360 Mortgage Group
360 Mortgage has been a market leader since it entered the wholesale mortgage marketplace in 2007. It pioneered, and was the sole take out for, HARP 2.0 when the product launched in 2012 until it brought mass awareness to the industry in late 2012. In 2013 360 Mortgage re-introduced the marketplace to 3/1 government ARM products and was responsible for issuing over 80% of all 3/1 production from 2014-2017. As an industry recognized leader, 360 Mortgage was selected to be the exclusive take out for the Agency NINA pilot program.
If you would like to find out more information about the company or product, please visit their website at http://www.360b2b.com. You can gain access to program guidelines and pricing via their wholesale and correspondent business channels.