Long Beach Mortgage
Long Beach Mortgage is a subsidiary of Washington Mutual. They are one of the nation's leading sub-prime mortgage lenders, originating, purchasing, and selling sub-prime residential mortgages. A sub-prime loan is one whose borrower has a substantially flawed credit history. They may have high debt-to-income ratios or other issues that make it difficult for them to obtain mortgages through traditional channels. Long Beach Mortgage works through a nationwide network of independent loan brokers and usually sells its loans into the secondary market, retaining the servicing rights. Most of their customers are those who have either impaired credit or acceptable credit but high debt to income ratios. Long Beach also serves the self-employed and first time buyers.
Loans Funded by Long Beach Mortgage
Long Beach Mortgage has a variety of products available. Some are state or area specific; others, however are valid for all states served. Here are a few examples:
- 40 Year Fixed Rate Loans
- 2/38, 3/37, 5/35 Adjustable Rate Loans
- 100% Loan to Value Full Documentation Loans (with 580 Credit Score)
- 95% Loan to Value Stated Documentation Loans (with 620 Credit Score)
- Interest Only Loans
- 80/20 Piggyback Loans
- Refinance Loans
- Jumbo Loans
- First Time Buyer Programs
Long Beach Mortgage is primarily for brokers and correspondent lenders. They use the latest in automated loan processing software, including Flash Quote, to quickly price a loan and the Swiftview electronic closing documentation generator. Long Beach Mortgage works with their brokers and correspondents to find the best option for their clients.
Long Beach Mortgage funds loans up to $1.3 million. Because they lend in almost every state, they have local market knowledge. Their decision making is swift, and they are competitively priced. They set the standards for efficiency and convenience.
History of Long Beach Mortgage
Long Beach Mortgage is located in Anaheim, California and has been in business since 1987. In 1999 they joined with Washington Mutual to create a Specialty Lending Division. Working with Washington Mutual, they funded $176 billion in residential loans in 2003 alone. Their low fees and 5% broker compensation cap make Long Beach Mortgage a desirable lender. Long Beach Mortgage Company lends in 49 states and the District of Columbia.
Before joining with Washington Mutual, Long Beach Mortgage was accused of unlawful loan pricing based on race, national origin, sex and age of the borrower. They settled the suit and were required to pay $3 million to African American, Hispanic, female and elderly borrowers alleged by the Justice Department to be victims of the unlawful pricing practices. They were also ordered to also spend another $1 million educating consumers on how to shop for the most advantageous loan.
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