123Loan is a nationwide mortgage banking firm. They are based in Aliso Viejo, California and are the internet division of Pacific Shore Funding. They have established their own distinctive loan programs with a highly automated mortgage analysis procedure. 123Loan also is a wholesale mortgage lender specializing in niche loan programs, particularly second mortgages. They were first licensed in 1999 and currently hold licenses in 19 states. The premier product of 123Loan is the 101 Express Loan, an exclusive 100% stated income program for both W-2 and self-employed borrowers. The principal borrower must have a fico score of 620 or better for stated income loans and of 580 or better for fully documented loans. The previous 12 months before the application date are reviewed for credit history. 123Loans is dedicated to providing secure and simple home loans. They are determined to protect the borrower’s privacy while providing fast and effective service.
Loans Funded by 123 Loan
- Fixed rate 30 or 40 year fully amortizing
- 30-yr or 40-yr ARM with the first adjustment in three years
- 30-yr or 40-yr ARM with the first adjustment in five years
- 30-yr Fixed with 10 year interest only period
- 30-yr ARM, first adjustment in three years with 10 year interest only period
- 30-yr ARM, first adjustment in five years with 10 year interest only period
Other Lending Programs offered by 123 Loan
- 100% Fixed 10, 15 or 20 year
- 100% Fixed Balloon, amortized over 30 years, due in 15
- (retail only) 125% Fixed 15 or 20 year
- (retail only) 125% Fixed Balloon, amortized over 30 years due in 15
- 115% Fixed 15 or 20 year
- 100% Home Equity Line Of Credit – Interest Only
- 100% Home Equity Line Of Credit – Interest Only (3 month fixed teaser rate)
- Debt Consolidation Loans
Pacific Shore Funding has been in the news lately in several suits for failure to make required loan disclosures and predatory lending practices. Several individuals, and a class action suit in Maryland have taken Pacific Shore Funding to court over their lending practices. As far as can be ascertained all actions against Pacific Shore Funding have been dismissed.
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