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Argent Mortgage Company Launches New Line Of Alt-A Products
By James Comtois
In a move to broaden its product line and expand its client base, Irvine, Calif.-based subprime mortgage lender Argent Mortgage Co. is introducing a new line of Alt-A products. The addition of this new product line will increase the company's range of mortgage products while at the same time broaden its customer base.
The Alt-A Advantage and Alt-A 80/20 Advantage programs will become available to Argent-approved brokers on July 17. Details will be available at that time on the company's website.
Argent is not the only subprime lender that has moved into the Alt-A market in recent years. However, what distinguishes this product line from the competition is the level of support and speed of service that only Argent can deliver.
According to Sam Marzouk, president of Argent Mortgage, the same Argent team will service the company's new Alt-A products. "Argent will not miss a beat whether it is funding the new Alt-A product, a non-prime loan or both. Under our long-standing Argent Service Guarantee, brokers receive an answer on their loan requests in 24 hours or our fee is cut in half."
To promote the Alt-A Advantage and Alt-A 80/20 Advantage programs, Argent will use Danica Patrick, 2005 Indy Racing League Rookie of the Year. Argent sponsors Ms. Patrick's car on the IRL circuit and has used her in promotional items for several years.
The Alt-A Advantage and Alt-A 80/20 Advantage are designed specifically to expand the range of options Argent approved brokers can provide to borrowers at competitive prices.
Major features of Argent's Alt-A Advantage and Alt-A 80/20 Advantage products include: loan amounts up to a maximum of $2 million; fully-amortized fixed mortgages with 15- or 30-year payment terms, I/O options for five-year and 10-year terms, and ARMs at three-year, five-year and seven-year terms; owner-occupied, second home or investment properties; minimum FICO Score of 680; and consideration of only two-year bankruptcy and three-year foreclosure history.
The Alt-A Advantage and Alt-A 80/20 Advantage products also present advantages to investors, who will be able to choose from a more diverse portfolio at Argent Mortgage.
The company works exclusively with independent mortgage brokers and bankers across the country through loan processing centers in California, Illinois and New York.
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