Morning Briefing: New name enters wholesale mortgage market

by Steve Randall21 Feb 2017

New name enters wholesale mortgage market

Twenty-one years after it was founded, Californian mortgage company Secure One Capital has announced that it is entering the wholesale market.

The lender’s policy of not adding overlays and funding FHA/VA loans with credit scores down to 500.

"Some borrowers experience a life event, such as a job loss, short-term disability, etc., which causes their credit scores to drop below the threshold set by many lenders," said Secure One Capital's COO, Ryan Marier.

He explained that, despite their credit scores, they have strong debt to income ratios which make them a good borrower.

 "We believe that good people deserve a chance and we can help them achieve their goal of a refinance or purchase," Marier said.

The firm’s wholesale operation will make loans available through local mortgage brokers and is committed to building and expanding the operation.

Among the products being offered are HARP (Home Affordable Refinance Program), Open Access (with lower FICO scores), interest-only loans, Jumbo loans and Fannie/Freddie High Balance loan programs.


Mid-Tennessee market sales jump in January

Sales of homes by Greater Nashville Realtors in January were more than 11 per cent higher than a year earlier with 2,411 closings.

“Not only did we see the best January on record, our market performed better in January than it did in either January or February of last year,” said president Scott Troxel.

Pending sales reached 2,755 in January, up from 2,212 in January 2015, while median prices increased to $261,500 (from $242,668) for single-family homes; and $184,350 (up from $179,900) for condos.

Troxel highlighted the potential impact of the Trump administration’s decision to reverse the 25-basis-point cut in FHA mortgage interest premiums but said that the market is looking good heading into spring.

“Punxsutawney Phil might have seen his shadow, suggesting six more weeks before we see spring weather, but our data indicates our market may enter the spring selling season sooner,” Troxel said.


Meg Ryan lists SoHo apartment for $10.9 million

It may have been featured in Architectural Digest recently, but Meg Ryan’s SoHo loft apparently isn’t her dream home.

The actress has listed the 4,100-square foot fifth-floor apartment for $10.9 million, the Wall Street Journal reports. If she achieves the asking price, it will be a $2.9 million premium on the price she paid in 2013 when she bought the home from actor Hank Azaria.

The home is listed with Barbara Hochhauser of Corcoran Group Real Estate.


Should CFPB have more supervision over credit agencies?