BNC Mortgage Inc. was founded in 1995 and is a subsidiary of investment bank and brokerage Lehman Brothers Holdings. Headquartered in Irvine, California, BNC originates loans nationwide. BNC Mortgage’s subprime wholesale division works with about 11,500 independent loan brokers and accounts for a majority of the company’s loan originations. They are licensed in every state except Alabama and are ranked as one of the nations top 100 mortgage lenders and the eighth largest wholesale subprime lender according to National Mortgage News. BNC Mortgage originates subprime residential mortgages for customers who don’t meet standard lending criteria and has funded over $40 billion of home loans since its inception. BNC Mortgage provides financing to homeowners who may have hard to document income, less than perfect credit histories, are first time borrowers or do not meet the requirements of traditional lenders.
Loans Funded by BNC Mortgage
- Full Documentation
- Lite Documentation
- EZQ Stated Income
- Interest Only
- Score Advantage Program–for Fico Scores as low as 500
- 80/20 Combo Program
- Purchase or Refinance Loans
- 3/27 Interest Only
- 2/28 Interest only
- 30 Year Fixed Interest Only
The BNC affiliated broker may pre-qualify his customer over the internet, but the customer will have to deal with an independent broker to obtain a loan from BNC Mortgage. It is rather easy to become a BNC approved broker, however. Merely download the broker agreement and submit it along with the proper documentation to BNC. Their broker approval department will then issue a broker ID number and the new broker is ready to do business.
BNC Mortgage sells it’s loans quickly. The borrower may have to contact them for information as to where to remit payment. If BNC is servicing the loan, the payment is due on the first of the month. The loan documents from BNC Mortgage include a document which explains late charges and how many days after the due date a payment can be received without incurring a late charge.
BNC Mortgage believes that their most important asset is their employees. Their workforce determines how successful they are in delivering superior service to their customers. They believe in creating an atmosphere in which each employee is able to achieve his or her full potential. A satisfied employee is more likely to create a satisfied customer.
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