TMS Funding Launches New Jumbo Mortgage Product Into Wholesale Market
Offering 5/1, 7/1 and 10/1 non?convertible LIBOR Index ARM mortgages up to $2 million
Available for borrowers with a 45% Debt to Income and 80% Loan to Value up to $1 million
MILFORD, CT – August 23, 2011 – (RealEstateRama) — TMS Funding, the wholesale residential lending channel of Total Mortgage Services, LLC, announced today it has launched a new flexible Jumbo Mortgage Product into the wholesale marketplace to provide Mortgage Brokers with an important solution for their clients in need of a jumbo mortgage for either a purchase or refinancing transaction.
New Jumbo Mortgage Product Highlights
5/1, 7/1 and 10/1 LIBOR ARMs
Up to $2 million loan amount
45% Debt to Income
80% Loan to Value to $1 million
90% Loan to Value to $625,000
Second Home to 80% Loan to Value to $650,000 and 75% Loan to Value to $1 million
“This new jumbo mortgage product is further proof of TMS Funding’s commitment to the wholesale channel and the mortgage broker community,” commented John Walsh, President of Total Mortgage Services, the parent of TMS Funding. “This product offers mortgage brokers the opportunity to provide borrowers access to a competitively priced jumbo program that can help them purchase some of the excess housing inventory that is available at significantly reduced costs or refinance a higher-cost loan freeing up much needed household cash flow.”
This jumbo product is currently eligible in all areas of Colorado, Connecticut, Washington, DC, Delaware, Florida, Georgia Illinois, Massachusetts, Maryland, Maine, Michigan, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, and Vermont.
For more on TMS Funding or to speak with one of the wholesale lender’s Account Executives, please call 1-888-371-2989 or visit http://www.tmsfunding.com.
About TMS Funding
TMS Funding, a wholesale lender, is an emerging leader in the wholesale mortgage industry with a focus on developing long-term relationships with quality mortgage brokers and is committed to offering industry leading customer service, technology, and competitively-priced products. The objective of TMS Funding is to enable its mortgage broker partners to better serve their customers and respond to individual client needs. For more information on TMS Funding, please visit http://www.tmsfunding.com.
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