IRVINE, Calif., Nov. 6, 2018 /PRNewswire/ — As the market for prime loans continues to dwindle, LoanStream Mortgage (LSM) is focused on growth and expansion of its non-prime division. In October, LSM launched its Correspondent Lending Channel. “When things get tough in the market, we look to capitalize when others are consolidating and use that time to grow in unique ways,” says LSM’s Chairman and CEO Rabi Aziz. “We believe there is at least a 12-24 month period where other bankers could use our specialty services to launch their own non-prime divisions. If we help them grow through non-delegated correspondent services, we hope to keep them, down the line, when they are ready to go delegated,” adds Lina Colon the company’s President.
LSM is not new to the non-prime lending market. The company wrote its first programs back in 2013 and has been offering them through its Wholesale and Retail channels. Opening the Correspondent lending channel is a natural progression for the company. “We are taking a very hand’s on approach with our seller’s. With average loan sizes over $600k, sellers don’t want to risk having un-saleable loans on their warehouse lines. It is very important to train each seller individually, helping them through their first loans with extra time and attention. In fact, we offer optional services such as LSM preparing the CD/Docs initially,” said Serene Vernon LSM’s COO. Seasoned Correspondent lending Account Executives are encouraged and welcome to apply, nationwide by sending resumes to inquries@lsmortgage.com.
While the release of Correspondent Lending is exciting enough on its own, the veteran company is not stopping there. On November 1st, LSM released its new “LoanStream Select” credit grade for non-prime products. “LoanStream Select, the Pinnacle of Pricing, is meant to reward high quality borrowers that don’t fit traditional lending products but deserve better rates than non-prime currently offers,” said Bryan Filkey head of Capital Markets and Non-Prime Lending, the creator of LoanStream Select. “We recognize the need for strongly priced non-bank products in the TPO market and are determined to fill that void for our customers with great rates and exceptional service,” he added.
LSM has many other initiatives underway, including applying revolutionary technology to non-prime lending. Now is the time to partner and grow with this incredible, forward thinking company.
About LoanStream Mortgage
LoanStream Mortgage (LSM) is a registered DBA of OCMBC, Inc., headquartered in Irvine, CA. LSM is a privately held diversified mortgage lender specializing in residential financing through mortgage brokers, bankers and through its consumer direct branch network. LSM has been focused on the residential mortgage lending market for over 30 years. As a multi-channel lender with a strong foundation of conventional agency and government products, LSM was one of the market leaders in non-agency, non-qualified mortgages.
CONTACT: inquiries@lsmortgage.com
SOURCE LoanStream Mortgage