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Article: A Jumbo Loan for Brokers.(Inside Take)
- Article from:
- National Mortgage News
- Article date:
- September 7, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Paul Muolo
In a few weeks CMG Mortgage of San Ramon, Calif., will bestow a gift to loan brokers in five Western states: it will launch a new jumbo first lien home equity product accepting broker submissions on mortgages with balances as high as $2.5 million.
There's a catch though. There always is, of course. The maximum loan-to-value ratio on CMG's 'Home Ownership Accelerator' loan is 65%. Still, it will give brokers in California and other states a new loan to sell, a jumbo lien no less.
Because jumbos can no longer be readily securitized mortgage brokers that rely on wholesale table funding have been hard pressed to find any reliable ...