Acceleration

A Decade Later, An IndyMac Clone is Funded in Austin – 360 Mortgage Group – As Round II of Foreclosures Are Targeted

This lender plans to underwrite $1B in mortgages with no income, no asset verification. Resi investors can borrow from an Austin-based lender without verifying their income or assets (NINA Loans).

Resi investors can borrow from an Austin-based lender without verifying their income or assets

Austin, Texas-based 360 Mortgage Group just revealed that it will conduct a pilot program to test the viability of no-income, no-asset mortgage loans by originating up to $1 billion of them to finance investor-owned homes.

The housing crisis in 2008 stemmed largely from defaults on sub-prime mortgages, or so-called NINJAs – borrowers who qualified for a home loan with no income, no job and no assets verified. Lenders have since stopped making NINJA loans, but one is set to offer another version, NINA loans, to landlord borrowers without verifying their income nor their assets, according to HousingWire.

The mortgage banking firm, 360 Mortgage, calls the loan Agency NINA and will offer it to loan applicants with FICO scores as low as 620. (FICO scores below 670 brand loan applicants as sub-prime, according to Experian.)

Despite the use of “Agency” in the name of the loan, 360 Mortgage Group’s loans are not backed by government-sponsored enterprises Fannie Mae or Freddie Mac.

Andrew WeissMalik, COO at 360 Mortgage Group, told HousingWire the Agency NINA loan is a solution for residential real estate investors who “don’t fit within the highly regulated, ultra-conservative guidelines every other lender offers.”

Bank of America is also getting into sub-prime lending. Last fall, it was reported the bank was underwriting $10 billion in mortgage commitments to borrowers with non-traditional backgrounds in partnership with a nonprofit brokerage.

5/14/2018

I wish I could leave zero stars.

DO NOT USE THIS COMPANY IF YOU DO NOT HAVE TO!

They constantly incorrectly assess my mortgage escrow amount. Then, when THEY make an error, it undergoes a week long review process which normally results in the same error being made because they will not speak to you or review the documents in the file properly.

THIS COMPANY IS A JOKE WITH HORRIBLE CUSTOMER SERVICE.

Take it from me and go elsewhere if you can.

My bank sold my loan off to them and I have never been more disappointed.

Credit: HousingWire

Donation Information

Donor Information

How did you hear about LIT?

Please insert all the required fields
Please insert correct email
Please fill in a valid amount

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Laws In Texas is a blog about the Financial Crisis and how the banks and government are colluding against the citizens and homeowners of the State of Texas and relying on a system of #FakeDocs and post-crisis legal precedents, specially created by the Court of Appeals for the Fifth Circuit to foreclose on homeowners around this great State. We are not lawyers. We do not offer legal advice. We are citizens of the State of Texas who have spent a decade in the court system in Texas and have been party to during this period to the good, the bad and the very ugly.

Copyright © 2020 Laws In Texas. | All Rights Reserved.

To Top