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W.J. Bradley Launches Portfolio of Non-Agency Products
Jul 15, 2014

W.J. Bradley Mortgage Capital LLC has announced that it has introduced WJB | ONE, a portfolio of specialized first mortgage programs that provide financing opportunities for “prime” borrowers who are ineligible for traditional lending programs. The first portfolio program will offer financing for non-warrantable condominium projects. Available to W.J. Bradley retail branch locations across the country, the non-warrantable condominium loan product offers financing to eligible primary residence and second home buyers for condo projects that do not qualify under current Fannie Mae or Freddie Mac guidelines. The company will introduce other WJB | ONE products throughout the second half of 2014, such as those that serve high net-worth borrowers with liquid assets, as well as provide higher loan amounts for investment properties and cash-out refinance options for second home owners who own multiple financed properties. “Our intention is to make loans available to well-qualified borrowers and still apply the same rigorous valuation, underwriting and fulfillment methods developed for our agency and conduit loan programs. We believe that we are well positioned to provide responsible loans to responsible borrowers beyond the lending opportunities that are currently available,” said J. Michael Kime, chief operating officer for W.J. Bradley. “We are comfortable originating and holding an interest in these loans, based on our capacity to qualify and document borrowers’ ability to repay and having proven the precision of our overall manufacturing process.” “We have recognized a growing percentage of prospective home buyers with the means to own a home but with unique asset and income considerations that prohibit them from qualifying for traditional financing,” said Howard Michalski, executive managing director, business development for W.J. Bradley. “We now have the opportunity to reach credit-worthy borrowers who have been disenfranchised due to the various regulatory and credit policy changes, such as the Qualified Mortgage (QM) rule. With this portfolio introduction, we competitively position our loan originators to better meet the needs that exist in the various communities we serve.”
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