MountainView Cuts Rates in Non-Prime Mortgage Conduit
Denver (Feb. 18, 2016) – MountainView Capital Group today announces lower interest rates for residential mortgages delivered into its Peak Non-Prime Program. Base rates have been lowered by as much as 37.5 basis points and 13 rate adjustments dropped by up to 50 basis points.
“Following these rate cuts, we estimate rates for the average loan sold into the Peak Non-Prime Program will be approximately one percentage point lower,” said Art Yeend, Managing Director and Head of Sales and Marketing at MountainView Capital Holdings, the parent company of MountainView Capital Group. “This means a lot more affordability for the underserved creditworthy borrowers that Peak Program originators are trying to assist.”
The Peak Program was launched in April 2015 to give residential mortgage lenders progressive and distinctive solutions for underserved creditworthy borrowers. Among the targeted consumers are those who experienced financial hardships during the recession and have not had their credit scores fully recover, self-employed individuals with alternative income documentation, foreign nationals, and real estate investors with multiple properties.
Loans are only considered for Peak Program eligibility if closed, submitted by an approved seller, and underwritten to the program’s Purchase Criteria document. Pre-funding reviews are available, and all purchases are made by MountainView Mortgage Opportunities Fund III.
About MountainView Capital Group
MountainView Capital Group, a wholly owned subsidiary of MountainView Capital Holdings, has provided residential whole loan sale advisory services to market participants since 1993. The company is also the primary source of assets for the MountainView Mortgage Opportunities Funds and developed the Peak Non-Prime Program to source non-prime mortgages for MountainView Mortgage Opportunities Fund III. In 2015, MountainView Capital Group closed 375 deals involving $1.5 billion of unpaid principal balance.
About MountainView Management Company
MountainView Management Company, a wholly owned subsidiary of MountainView Capital Holdings, is an asset manager specializing in residential mortgage-related investment strategies. The company is the manager of the MountainView Mortgage Opportunities Funds, which launched in July 2008 and collectively purchased 2,515 whole loans as of December 31, 2015. The company employs a disciplined bottom-up/loan-level approach to buying, managing and selling assets.
About MountainView Capital Holdings
Denver-based MountainView Capital Holdings, through its subsidiary companies, offers a diverse set of critical risk management and advisory services to a broad group of institutional participants in the financial services industry. The company’s suite of flexible and customizable services was developed in support of key institutional risk functions and to provide trading and investment opportunities.
Troy Rusniak | 303-870-8235 or firstname.lastname@example.org