LoanCity, a wholesale mortgage lender based in San Jose, Calif., has expanded its alternative-A program, increasing loan limits to $3 million for first mortgages and to $600,000 for alt-A second mortgages.The new program includes "piggyback" loan combinations to $2 million with a single underwrite, the company said. Loan types include 15- and 30-year fixed-rate mortgages and a variety of adjustable-rate mortgages, all with interest-only options and 100% loan-to-value ratios. The program can be used for primary residences, second homes, and investment properties. "Our enhanced alt-A program addresses the market demand for larger loan sizes for both firsts and seconds and gives brokers the flexibility and the pricing they'll need to do business in a more competitive environment," said Rick Soukoulis, chief executive officer of LoanCity. "Best of all, our program is easy to use, and thanks to our advanced automated underwriting engine, delivers decisions and stipulations in conforming loan time frames." The company can be found online at http://www.loancity.com.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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