ORANGE, Calif., Feb. 6, 2015 /PRNewswire/ -- Today the Mortgage Division of CashCall Inc. announced its NQM purchase and refinance mortgage program.
The NQM (Non-Qualified Mortgage) products offer more flexible qualifying terms than the strict Consumer Financial Protection Bureau Qualified Mortgage guidelines require. CashCall's NQM mortgages are aimed at people who can't qualify for the Fannie Mae and Freddie Mac guaranteed mortgages for various reasons such as being self-employed, investors owning several homes, or the need for jumbo loan amounts up to $1 million.
"The demand for our NQM loans is tremendous," said Mina Vogel, Director of Operations for CashCall's NQM program. "In the new regulatory environment there are thousands and thousands of financially sound borrowers who have, in essence, been unable to get a purchase mortgage or refinance mortgage despite having good credit and strong finances."
CashCall's NQM program allows many more homeowners to qualify for a loan. Under the NQM program, CashCall will require a good credit score of at least 680, but will be flexible in other measures to determine ability to repay the loan. For example, using cash flow thru bank statements, or investment accounts.
The program also allows qualified borrowers to take "cash out" during a mortgage refinance; up to $350,000 (maximum Loan-To-Value of 75%).
Mina Vogel, Director of Operations – NQM
1 City Blvd. West, Suite 1900, Orange, CA 92868
SOURCE CashCall Inc.