BrooksAmerica Forms Subprime Specialty Unit

BrooksAmerica Mortgage Corp., a wholesale mortgage banker based in Santa Ana, Calif., has announced the formation of a specialty lending division offering subprime mortgage loans.The division will be headed by Ed Plata, who was most recently assistant vice president of production for Countrywide Home Loans. He has also worked for Argent Mortgage Co., Ameriquest Mortgage Co., and Northwest Financial over the past decade, BrooksAmerica said. Among the specialty lending products -- which the company terms alternative-B mortgages -- available from the new division are: 2/28 and 3/27 adjustable-rate mortgages (or 30-year fixed-rate mortgages) with loan amounts up to $1 million and credit scores as low as 500; and loans up to $750,000 with 100% loan-to-value ratios and credit scores as low as 580 (with full documentation). "We have developed an efficient service model combined with unique loan products that will provide competitive programs to our brokers throughout the nation," said Michael Brooks, founder and chief executive officer of BrooksAmerica. The company can be found online at http://www.brooksamerica.com.