Verus Mortgage Introduces New Prime Ascent Plus Offering

NationalMortgageProfessional.com

Dec 09, 2019

Verus Mortgage Capital (VMC), a full-service correspondent investor offering residential non-QM, investor rental and fix-and-flip loan programs, has announced the launch of Prime Ascent Plus, a higher balance loan program for applicants with alternative income documentation.

Through Prime Ascent Plus, the following features are available to choose from: LTVs up to 90 percent; FICOs down to 660; 24-month standard documentation options; 12- and 24-month alternative documentation options for self-employed borrowers; 24-month Alt Doc 1099; DTI up to 50 percent; and loan amounts from $150,000-$2.5 million.

Prime Ascent Plus is available for second homes, investment properties and interest-only loans. There are cash-out options as well.

“There is a significant number of creditworthy individuals that need higher balance loans but struggle with qualifying for one reason or another,” said Verus Executive Vice President of Correspondent Sales Jeff Schaefer. “Our new Prime Ascent Plus Program is inherently flexible which makes it a suitable option that lenders can confidently offer their borrowers.”

Link copied

Published

Dec 09, 2019

Analysis and Data

The Kids Want To Be Homeowners

Nearly all teens (97%) surveyed thought it would be helpful if schools offered lessons that explained homeownership.

The importance of homeownership comes from financial knowledge; it’s what turns renters into homeowners and, potentially, homeowners into real estate investors. Most people in the industry would assume that Gen Z and the younger generations don’t understand the value of hom...

Regulation and Compliance

R.I. Mortgage Broker Pleads Guilty To $6M Ponzi Scheme

Decade-long scheme was used to finance a lavish lifestyle.

A Rhode Island mortgage broker has pleaded guilty for his decade-long Ponzi scheme that cost investors $6 million. He will be sentenced in December and faces a maximum penalty of 20 years in prison for committing wire fraud, and five years in prison for committing tax evasi...