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Each month, we'll bring you a closer look at one of our member companies, and ask them three questions about the state of the industry - "TheBig 3"
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| Raymond Eshaghian, CEO/President, Greenbox Loans, Inc. |
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This month, we spoke with Raymond Eshaghian, CEO/President of Greenbox Loans, Inc., one of the California MBA's residential mortgage banking member companies. We talked to Raymond about the state of the market and what to look forward to in the future.
About
Greenbox Loans, Inc. is a proven leader in the Non-QM & Non-Prime lending environment offering bank statement programs, foreign national lending solutions, along with programs allowing for recent short sale, foreclosure, bankruptcy for borrowers as low as 500 FICO score. Greenbox Loans, Inc. is a national lender offering its programs through a multiple of channels including Retail, Wholesale, and Investor Specialty Division.
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The Big 3
California MBA: What is the state of non-QM lending?
Eshaghian:
Non-QM programs have been around for several years now and there has been a void in the market for the kind of financing solutions that Non-QM programs can offer borrowers. The acceptance of such Non-QM programs had been delayed in the prior years due to the massive volume of refinances due to the low interest rates . The interest in the new product line is growing rapidly since mortgage brokers are finding that they are unable to pass up on Non-QM loans since their pipelines have become smaller due to the increase in rates
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California MBA: What kind of Non-QM loan programs do you offer?
Eshaghian:
We offer a variety of Non-QM/Non-Prime loans which include multiple 24 months bank statement loan programs, 12 months bank statement program, Foreign National programs, Investor loans with no income, no asset, no employment verification, Jumbo loans for borrowers with FICO scores as low as 500. We have a full menu consisting of 10+ specialty programs that offers solutions to the broker community and their borrowers.
California MBA: What is the biggest change we'll see in borrower experience in the next 12-24 months?
Eshaghian:
Borrowers are slowly becoming more familiar with the availability and understanding of the specialty Non-QM programs due to the evolving acceptance by the mortgage brokerage community. As such, the program knowledge will be enhanced and provide more education and understanding of the process, guidelines and acceptance of the slightly higher rates
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