BNC Mortgage Inc., Irvine, Calif., has entered into a $280 million forward commitment with an unnamed New York-based investment bank.BNC will sell subprime mortgages originated between August and November. The pricing structure includes buy-ups and buy-downs for the actual weighted average coupons, margins, and prepayment penalties delivered. BNC in the past has sold $740 million of subprime loans to this buyer. BNC president Kelly W. Monahan said the company entered into this agreement in order to lock in cash premiums on loan sales through the end of this year.
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