Requirement for the program include: three years of mortgage experience, a statement on production goals, anticipated operational structure and a description of the company.
Tom Hutchens, SVP of sales and marketing at Angel Oak, said originations of nonprime non-QMs have predominantly been purchase mortgages. However, refinance activity is starting to increase…
Originations of interest-only mortgages increased significantly in the second quarter of 2016, particularly at PHH Mortgage, according to a new ranking by Inside Nonconforming Markets. A group of 12 lenders had $12.65 billion in IO originations in the second quarter, up 44.7 percent compared with the previous quarter. A large amount of the increase in volume was driven by PHH, which more than doubled its IO originations in that span. PHH had $6.25 billion ... [Includes one data chart]