FGMC Launches Non-QM Loan Program To Tap Equity – NMP Skip to main content

FGMC Launches Non-QM Loan Program To Tap Equity

David Krechevsky
Jun 16, 2022
First Guaranty Mortgage Corporation

Explorer Equity program offers flexible guidelines and expanded credit parameters for borrowers who may not otherwise qualify.

First Guaranty Mortgage Corp. (FGMC), a Texas-based mortgage financing company, has added a stand-alone second-lien program to its Maverick Solutions list of Non-QM products.

The second-lien program is designed to increase opportunities for homeowners to access the equity in their homes without disrupting previously locked-in rates on their primary mortgage, FGMC said.

The new program, known as Explorer Equity, is currently limited to a stand-alone offering, but the company said it plans to expand it to offer a "piggy-back" option soon. 

With flexible guidelines and expanded credit parameters — such as a minimum credit score of 680; up to 100% combined loan-to-value (LTV) ratio; allowance of owner-occupied or second homes; and the ability to qualify despite past bankruptcies — the program increases loan accessibility for borrowers who may not otherwise qualify, according to a news release.

"Like all Maverick Solutions products, FGMC's Explorer Equity program is designed to meet the unique needs of today's borrowers,” said Paul Jones, senior vice president of Non-QM Development & Production. "The needs of borrowers today can change quickly as the market fluctuates, and we must be nimble and ready to adapt with it. 

“This new offering,” Jones added, “gives individuals an affordable alternative to tap into their home's equity. As the market fluctuates, borrowers can gain peace of mind with a fixed rate throughout the loan term."

Incorporated in June 1987 and based in Plano, Texas, FMGC is licensed to operate in 49 states and the District of Columbia.

Published
Jun 16, 2022
More from
Non-QM
KBRA Assigns Preliminary Ratings To Non-QM Offering OBX 2022-NQM6

The $387.9 million non-prime RMBS transaction is characterized by a notable concentration of alternative income documentation (87.7%).

Non-QM
Jun 23, 2022
CFPB Director: Agency Reviewing QM Rules, Other Regulations

In a blog post, Rohit Chopra says the goal is to “more clearly communicate the agency’s expectations.”

Regulation and Compliance
Jun 21, 2022
Fitch Assigns Expected Ratings To Non-QM Offering STAR 2022-4

Of the loans in the pool of 673 loans with a balance of approximately $357.4 million, 54.5% are designated as Non-QM.

Non-QM
Jun 20, 2022
Angel Oak Mortgage Adds 7 New Employees

Focus for Non-QM lender is on account executives.

Non-QM
Jun 20, 2022
KBRA Assigns Preliminary Ratings To Non-QM Offering VERUS 2022-6

The $524.5 million non-prime RMBS  transaction consists of mortgages originated by various lenders, including Castle Mortgage.

Non-QM
Jun 16, 2022
Deephaven Mortgage Hires Regional VP Of Wholesale Sales

Paul Howarth Responsible For Growing Wholesale Team In Western U.S.

Non-QM
Jun 09, 2022