BNC Mortgage Inc.

BNC Mortgage Inc. was founded in 1995 and specializes in specialty financing.  Their headquarters are in Irvine, California, but BNC originates loans nationwide through 24,000 independent mortgage brokers.  BNC is ranked as one of the nations top 100 mortgage lenders and the eighth largest wholesale subprime lender according to National Mortgage News.  They are licensed in every state except Alabama.  They are a subsidiary of Lehman Brothers Bank, FSB.

BNC Mortgage has strong principles when it comes to predatory lending.  They feel very strongly that borrowers should not be steered to inappropriate products, lenders should determine that all borrowers have the ability to repay their loans, lenders should not engage in flipping, borrowers should be informed of all loan terms, conditions, and risks, and fees and rates should be representative of the associated credit risks.  They believe prepayment penalties should be fair and fully disclosed, and lenders should report borrowers payment history to credit bureaus.  BNC advocates responsible subprime lending.

BNC Mortgage Loan Options

BNC Mortgage Inc. is a subprime specialist.  They give a higher percentage of subprime loans than anyone else.  They operate quickly; BNC will respond to their brokers within twenty-four hours.  They are able to respond quickly because their senior staffs have authorization in each local office.

BNC offers an extensive Interest Only Loan program.  Their interest only loans come in terms of 2/28, 3/27, or Thirty Year Fixed Rate plans.  This loan is available for owner occupied residences, and is not available for fixed income borrowers.

Brokers must apply to be an approved BNC Mortgage dealer, but the application process is quite simple.  They fill out an application form they can download off the internet, and send it in along with necessary documentation. 

BNC is subject to the Fair Housing Act of 1968.  They may not discriminate against borrowers based on their race, color, national origin, religion, age, sex, familial statue, or disability.

A few facts about BNC mortgages

• All BNC mortgage payments are due on the first of the month.
• Late charges are determined on a percentage of the principal.
• BNC requires twelve months of cancelled rent checks or verified VOR for first time homebuyers.
• Borrowers with no mortgage/rental history are required to have a FICO of 620 with full or light documentation.  Alternatively, they can have a 640 FICO with EZQ Stated Income.
  

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