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Argent Mortgage Announces 80/20 SIVA Loan Program

2:30 pm   -   December 27th, 2006

Argent Mortgage, the wholesale and correspondent lending subsidiary of Ameriquest Mortgage Corporation, recently announced their new “80/20 SIVA” program. This loan program features 100% financing through a 2 loan transaction and provides stated income documentation for self-employed borrowers. The move is yet another in Argent’s recent move to offering more ALT-A programs to it’s wholesale/correspondent product mix.
 

With all of the recent pressures on sub-prime lenders to become more diversified in the offering, Argent began introducing more ALT-A programs in early 2005. Argent has carried a reputation of catering to the higher-end range of credit profiles within the sub-prime segment. They also have historically provided the lowest rate sheet pricing.
 

It is often difficult for new loan officers or those that are new to sub-prime lending to understand the amount of NON-ratesheet pricing that happens in sub-prime lending. “Enhanced” rate sheets, volume discounts, “complete-file” bonuses, and other incentives on a loan-by-loan basis make it challenging to discern which lender has the best rate for your customer.  Argent has a history of providing the most consistently low rate sheet pricing without too much loan-by-loan discounting.
 

The new ALT-A 80/20 SIVA is no exception:
 

Pricing Example:  200K purchase, 680 score, 5 Year Arm, SFR, 30 day lock

Rate:       YSP
6.125 % (.199)
6.375% (1.209)
6.625% (2.167)

Second Lien:  Varies by State (will be under 10.00% in Texas)
 

The above pricing scenario was provided with the program announcement. 6.375% on a 5/1 ARM is very competitive 80/20 pricing for the first lien, especially with stated income documentation.
 

For more information about Argent Mortgage or the 80/20 SIVA program visit them on-line at http://www.argentmortgage.com
 

Ken Stampe
©2006 http://blog.homeloandfw.com



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