Parkside expands jumbo loan program

by MPA17 Feb 2017

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.