National wholesale and correspondent lender Parkside Lending has expanded its jumbo loan program. The lender is now offering jumbo mortgages with LTVs as high as 95% with or without mortgage insurance.
Unlike other jumbo programs that feature high-LTV with mortgage insurance, Parkside’s new Jumbo III program offers both lender-paid and borrower-paid MI options. Borrower-paid MI doesn’t stay on for the full life of the loan, and allows borrowers to take advantage of a less-expensive MI option.
“As a wholesale lender that doesn’t have a retail channel, our number-one goal is to provide mortgage professionals with a suite of products for their borrowers varying circumstances,” said Clint Rosenthal, Parkside’s executive vice president of sales. “There are creditworthy borrowers that are underserved in the jumbo market; therefore, we continue to enhance our jumbo offering to meet the range of needs in the marketplace.
Parkside Lending currently provides four jumbo loan products – Jumbo I, Jumbo III, Expanded Jumbo and Premier Jumbo. It offers both fixed rates and ARM options.