By now you know the story: there are plenty of potential home buyers out there, but underwriting standards are too tight to accommodate them, so slowly but quietly ‘hard money’ lenders are on the rise. In a recent email to potential investors and other readers, nonprime lender CALCAP Financial of California noted that the average yield on its portfolio is 9.56%. As for the average LTV – it’s a very low of 53.7%.
The California-based lender announced Wednesday the addition of One Goal Mortgage, a branch serving the Omaha, Nebraska, metro area and Southwest Iowa.
Better is focusing on its U.S. mortgage unit, which reported higher-than-expected preliminary loan volumes and priced a stock offering.
A new Basel III proposal offers mixed results for warehouse lending, with some risk-weight relief for banks but tougher terms that could crimp credit availability for nonbank mortgage lenders.
Roughly a third of homeowners with a mortgage rate less than 6% would not give up their rate for any reason, according to a survey of 1,000 mortgage holders.
In other news, Better Mortgage completed warehouse renewals and Wolters Kluwer provided a new form of access to its digital vault platform for secured parties.
A United Wholesale Mortgage executive stepped in to defend a claim against the company, as consumers pelt the industry with more spam call complaints.
