Skip to main content

Countrywide expands commitment to minority, lower-income borrowers

National Mortgage Professional
Apr 26, 2005

SouthStar opens ARMs to variable-income borrowersmortgagepress.comChoice Option ARM, sub-prime lending, loan options SouthStar Funding has launched its newest product, the Choice Option ARM, which is designed to provide flexible payment options for borrowers who want the lowest start rate and the ability to manage their cash flow. The product offers the ability to borrow up to 100 percent combined loan-to-value and to combine this product with a home equity mortgage as part of a combination loan. SouthStar provides 24-hour underwriting and closes within days on the Choice Option ARM. The product was officially made available to SouthStar Funding's customers on March 21. SouthStar's Choice Option ARM is based off of either the MTA or LIBOR indexes and allows the borrower to better manage their cash by offering four payment options each month: minimum payment, interest only, 30-year fully amortizing and 15-year fully amortizing. These four options provide payment flexibility for borrowers, enabling them to choose the best option for them at that time. The product also includes a one- or three-month introductory rate as low as one percent. The Choice Option ARM is available to borrowers with a credit score as low as 620 and is available on most property types. The product is credit score-driven and is offered for loans up to $3 million. For more information, visit www.southstar.com.
Published
Apr 26, 2005
Planet Home Lending Reports Q3 Gains In Asset Management, Servicing And Originations

The Planet Home Financial Group, LLC, parent company of Planet Home Lending, LLC and Planet Management Group, LLC reported steady growth across its servicing, correspondent and private-client channels.

Industry News
Oct 26, 2021
CFPB, DOJ And OCC Hit Trustmark National Bank For 'Deliberate' Redlining

The Consumer Financial Protection Bureau and U.S. Department of Justice, in conjunction with the Office of the Comptroller of the Currency are taking action against Trustmark National Bank for alleged redlining violations.

Industry News
Oct 25, 2021
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021
Automating Appraisals No Panacea For Removing Bias

With racism 'grandfathered in' to housing prices in minority neighborhoods, a solution to 'unconscious bias' is difficult to find

Industry News
Oct 21, 2021
Reports: Evergrande Group Arranges Bond Extension

Reuters, REDD say company's billionaire chairman has agreed to provide additional collateral to ensure a construction project tied to a $260M bond is completed.

Industry News
Oct 21, 2021