Lender adds more products to meet unrelenting demand for jumbo mortgages
PCMA, a nonbank private client lender, has expanded its OMEGA residential mortgage program to cater to the growing needs of its mass affluent and high-net-worth clients.
The nonbank announced Tuesday that it is now offering increased loan amounts, access to greater cash out options, and lower interest rates.
John Lynch, CEO and founder of PCMA Private Client, said in a statement that the recent growth and surging demand in the jumbo mortgage market reflect “exactly how big the pent-up demand is in the private client community.”
“Thanks to our financial partners, we have been able to expand the credit matrix on all of our products in our expanded prime catalogue, with OMEGA leading the way,” he said. “As the expanded prime market continues to thrive, we understand that the needs of private clients will change, and PCMA will continue to lead the way with sophisticated and tailor-made optionality to meet their financing needs.”
The OMEGA program provides the following options:
- Purchase or Refinance
- Maximum loan amounts increased to $5,000,000
- Home equity access increased to $2,000,000
- Reduced interest rates
- 30 I 40-year fixed duration options
- 10-year interest-only option – No rate or pricing adjustments
- No tax return required – Ability to repay calculated off stability of cash flows
- 12 months bank statement – blended cash flow ok
- Asset utilization – 36 I 84-month options
- Rate and term classification – Payoff of tradeline, lien or IRS installment plan
- Cash-out to LTV limitations – No rate or pricing adjustments
“We will hold true to our mission to continue to build Curated Experiences, tailor-made to meet their needs while keeping rates as close to prime as possible,” Lynch said.
