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Sep 11, 2006

Wells Fargo launches alternative lending programMortgagePress.comSub-prime lending, Wells Fargo The Alternative Lending Division of Wells Fargo Home Mortgage has introduced the Traditional Nonprime Program, which aligns credit and pricing that focus on mortgage payment history and credit scores for determining loan amounts and loan to value. Features of the program include no minimum trade lines to 95 percent loan to value, loan amounts up to $2 million, an interest-only payment option, full-doc, stated-income and bank statement options, and compatibility with owner-occupied, second-home and non-owner occupied properties. San Francisco-based Wells Fargo Home Mortgage is the mortgage lending division of Wells Fargo Bank NA. For more information, call (800) 340-0465 or visit www.wellsfargo.com.

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Sep 11, 2006

Analysis and Data

Mortgage Industry Despairs Over Positive Jobs Report

Leading to 'crushed' expectations of another significant rate cut

The September jobs report came back with flying colors, adding far more jobs than Wall Street economists projected while the unemployment rate ticked down, leading to what can only be called a crushing defeat for mortgage professionals. In response, the average rate for the ...

People On The Move

Pennymac Shakes Up Capital Markets Team

William Chang, Pennymac’s long-time capital markets leader, to "pursue other interests in the mortgage banking industry."

PennyMac Financial Services, Inc. and PennyMac Mortgage Investment Trust announced Thursday that William Chang will step down from his roles as Senior Managing Director and Chief Capital Markets Officer at PFSI, and Senior Managing Director and Chief Investment Officer at PM...