A fast-growing lender owned by an investment fund has expanded its non-agency lending as it attempts to reach a larger number of borrowers.
Caliber Home Loans Inc. previously reported more than $8 billion in originations last year. It’s servicing portfolio soared from less than $8 billion in 2012 to $50 billion by the end of last year.
Today, the Irving, Texas-based firm announced the launch of a non-agency mortgage program that will add four products to its mortgage solutions portfolio.
The program focuses on borrowers re-establishing strong credit history, foreign nationals, non-warrantable condo buyers and non-agency alternative consumers.
Caliber’s press release stated these mortgage products would expand options available to otherwise eligible and qualified home buyers.
“We are confident that our prudent underwriting guidelines, coupled with the way we have structured each of these products, creates a winning combination for both Caliber and the customers we serve,” Caliber Chief Executive Officer Joe Anderson said in the statement.
One of the new offerings, deemed the “Fresh Start” program, was created as a credit re-establishment program for borrowers with past credit issues who are working on repairing their credit history but can’t find financing.
The foreign nationals loan product touts greater flexibility for borrowers who are not U.S. citizens and who cannot find current market offerings to suit their needs.
Purchasers looking to finance condos currently ineligible under government-sponsored enterprise programs can take advantage of Caliber’s non-warrantable condos program.
With its non-agency alternative loan program, Caliber says it offers borrowers expanded guidelines and qualifying considerations for asset depletion. Expanded debt-to-income ratios, interest-only options and no pre-payment penalties are included under this product.
Regardless if the borrower’s chosen program, Caliber said its underwriting procedures would ensure each borrower could successfully repay the loans, which will not be available through wholesale or correspondent lending channels.
“We take the Ability-to-Repay requirements very seriously and want to ensure that all of the products and programs we offer are a good fit for our borrowers at the time of their application,” Anderson said. “By conducting in-depth Ability-to-Repay analysis on every loan we underwrite, we give customers the peace of mind that they are purchasing a property that they can afford.”
Caliber is owned by Lone Star Funds.
