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Why nonprime should be in every broker’s toolbox

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Mortgage Professional America | 09 Dec 2016, 08:51 AM Agree 0
Nonprime mortgages are undergoing something of a renaissance right now – and they’re a valuable addition to a broker’s toolkit
  • Mike | | 09 Dec 2016, 01:14 PM Agree 0
    The current product mix in Non Prime can be easily reached through FHA mortgages and the rates and terms are better. On top of that brokers and most certainly bankers can make more. If Non Prime wants to be competitive they need to start supplying a product at a good price, that offers a true niche, where mortgage companies can make sufficient revenue to compensate for the extra time and hassle. A 95% to 100% cash out refi based upon solid underwriting guidelines would be a good place to start.
  • Craig | | 09 Dec 2016, 02:44 PM Agree 0
    Mike needs to due his homework instead of making assumptions. FHA doesn't allow a 24 month bank statement program for self-employed borrowers or mortgages up to $3m with 2 years out of a foreclosure, BK or short sale. I think I just named some very large niches and it isn't about just making money but solving solutions for the borrower.
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