As a portfolio lender, we underwrite and hold onto our own loans in most cases. This allows for flexibility on files that “make sense” but maybe fall outside the standard profile. Scenarios where we have an advantage over non-bank lenders would be:
ARMs
Many clients are getting very comfortable with an adjustable rate mortgage (ARM) that has a fixed rate for 5, 7, or 10 years with a rate that is significantly less than the current fixed rates. Our ARM rates are very strong right now. The plan would be to refinance once rates come back down.
Exception Underwriting
We have the ability to approve exceptions to the policy since we hold onto the loans. This could be a higher LTV, slightly lower credit score, higher DTI, or other factors.
Asset Depletion
Asset depletion is used when someone has a lot of assets but very little income. We can verify the assets and convert that to a monthly income to make the loan work.
Non-Warrantable Condos
We have a specific non-warrantable condo program that allows for projects that don‘t meet the warrantable criteria.
Other Situations
Do you have a file that is a little unique or can’t get approved elsewhere? Let me know if I can help!
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