Right Stop Mortgage to offer subprime and hard money programs
SOUTHFIELD, Mich., Dec. 3 /PRNewswire/ — Consumers with subprime credit will soon be able to access new loan programs through mortgage brokers who are approved with Right Stop Mortgage LLC. The wholesale lender plans to launch a new suite of nonprime programs later this month.
Among the new offerings are loans for people with credit scores down to 580 with no down payment. Other programs include stated-income loans for self-employed borrowers with just 5 percent down and the planned launch of a hard money product within 60 days that has a void-able prepayment penalty.
Despite the collapse of 143 lenders since last year according to http://www.MortgageGraveyard.com, Right Stop is poised for success because of its innovative programs, 10-day closings and technology-based business model.
Right Stop will initially offer its products through brokers in Arizona, Colorado, Florida (license pending), Nevada and Utah who have been through a rigorous approval process. The company will operate totally online without traditional account executives.
“We will limit the number of mortgage brokers that we do business with and are very selective in our approval process,” said Right Stop Manager Bob Rubin. “Fraud is a very dirty word with us, and we are only looking for professional brokers who want to be in business for many years.”
The company will use fraud prevention services and require brokers to sign an acknowledgement that any fraud will be prosecuted to the highest degree.
“Good people who will pay their mortgage on time are being lumped in with people who could care less about making their payments on time just because of their credit score,” Rubin added. “We look hard to sift out good from the bad and are developing a new set of programs that can reach and help these people.”
Mortgage brokers are encouraged to visit the company's Web site at http://www.RightStopMortgage.com and pre-registering by clicking the green button.
About Right Stop:
Right Stop is an Internet-based wholesale mortgage lender specializing in loan programs for non-conforming borrowers.
© 2007 PR Newswire. All Rights Reserved.