Creative Mortgage Lending Introduces Nonprime Standalone Second Program.Nonprime Lender Offers Three New Products SOUTHFIELD, Mich. -- Creative Mortgage Lending (CML 1. CML - A query language. ["Towards a Knowledge Description Language", A. Borgida et al, in On Knowledge Base Management Systems, J. Mylopoulos et al eds, Springer 1986]. 2. CML - Concurrent ML. ), a wholesale lender specializing in Alt-A and nonprime lending, has introduced their Nonprime Standalone stand·a·lone adj. Self-contained and usually independently operating: a standalone computer terminal. Second Program. The new loan products offered under the program are Alt-A Standalone Home Equity Line of Credit (HELOC HELOC Home Equity Line Of Credit ), Alt-A Standalone Second Mortgage and the Nonprime Standalone Second Mortgage. CML's Standalone Second Program provides a minimum loan amount of $25,000 and a maximum combination loan amount of $550,000. The maximum loan-to-value ratio Loan-to-value ratio (LTV) The ratio of money borrowed on a property to the property's fair market value. after bankruptcy discharge A discharge in United States bankruptcy law, when referring to a debtor's discharge, is a statutory injunction against the commencement or continuation of an action (or the employment of process, or an act) to collect, recover or offset a debt as a personal liability of the is 90 percent if it has been less than 24 months, and 100 percent if it has been more than 24 months since bankruptcy. The maximum debt-to-income ratio The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. is 50 percent with a first lien adjustable rate mortgage This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. (ARM) rate and 55 percent with a first lien fixed rate. The program also does not require reserves or a limit on cash out. "When brokers find out that they can do a nonprime stand alone second, down to a 530 credit score with unlimited 30's and 60's on the mortgage history, they will not believe it," said Blaise Dietz, co-president and co-CEO of Creative Mortgage Lending. "If a customer needs a second mortgage and they do not have good credit, we are the only lender in town that can help. CML's Nonprime Standalone Second Mortgage is a great solution." The Standalone Second Program is the most recent addition to CML's suite of loan products and services offered to fulfill brokers' needs. The company's products include low-range core rates, mid-range expanded rates and platinum rates. CML's platinum rates are the most stringent credit product with the best subprime rates. "I searched over 60 lenders for a second mortgage for a customer with special needs, and I found the best rate, terms and service with Creative Mortgage Lending," said Allyson Karnes, president of Heritage Mortgage Corporation. "They are at the top of our approved lenders list." About Creative Mortgage Lending Creative Mortgage Lending (CML), founded in 2000, is a wholesale lender specializing in Alt-A and nonprime lending. CML is backed by one of the largest private equity groups in the Midwest. With more than 20 years of mortgage industry experience, CML provides brokers with industry leading products and service to meet their clients' needs. The company currently has relationships with more than 500 brokers, holds operating licenses in several states and continues to expand throughout the eastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . For more information about Creative Mortgage Lending, visit www.cmldirect.com. |
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