360 Mortgage Group has announced that it has expanded its product portfolio by offering a new No Mortgage Insurance Loan or “NOMI Product” to borrowers purchasing a home. This first-of-its-kind NOMI product offers borrowers with a less than 20 percent downpayment the opportunity to avoid mortgage insurance (MI) payments without interest rate adjustments or other price inflations.
“This unique product provides borrowers with an opportunity to benefit from low interest rates without having to pay mortgage insurance,” said Mark Greco, president and founder of 360 Mortgage. “Many lenders currently offer a NOMI-type product, but add on a pricing adjustment that increases the borrower’s interest rate and overall cost of owning a home. Our NOMI Product will give mortgage brokers the opportunity to help home buyers save thousands of dollars annually and realize the dream of sustainable homeownership.”
The NOMI Product has no pricing inflations or adjustments to interest rates. This product allows borrowers with a less than 20 percent down payment to avoid the cost of mortgage insurance rates and take advantage of the lowest potential interest rates available in the marketplace.
Key guidelines for NOMI include:
►Purchase transactions only
►Minimum 740 FICO score
►Maximum LTV 95 percent
►No mortgage insurance underwrite
“360 Mortgage is committed to offering our mortgage brokers partners relevant products with competitive pricing, extensive product knowledge, and best-in-class technology and service," said Greco. “Our objective is to enable all third-party originators to offer borrowers the best mortgage solution and operate efficiently within our model, which is based on service, speed, and sustainability.”