Stonegate Mortgage Corp., Indianapolis, is launching a fixed-rate jumbo loan product line through its retail offices and more than 700 approved third-party originators in 32 states.
The company’s jumbo loans will be 15- and 30-year residential mortgages between $417,001 and $2 million in size that can be used for the purchase or refinance of single-family and two-unit owner-occupied properties, as well as one-unit second homes, planned unit developments and rural properties of 10 acres or less.
“It is clear that there is growing demand for jumbo fixed-rate loans,” said
“Nonagency fixed-rate loans are a really underserved market,” he added. “Our experience has been that traditional banks are more focused on their ARM offerings since they are a better fit with their balance sheets from an asset and liability standpoint. We are hearing from borrowers that they want fixed rate alternatives to lock-in the historically low mortgage rates.
“As we focus on this market, we see a broader opportunity to help rebuild a high-quality, nonagency market which will continue to grow as the GSEs’ footprint shrinks.”
