Bill consolidation loan mortgage second

What Is a Non-Prime Lender?

A non-prime, subprime or "bad credit" lender is a lender that lends to borrowers who do not qualify for loans from mainstream, conventional or "prime" lenders. Typically these are borrowers who have B, C, or D credit ratings. Non-prime lenders can operate independently or as affiliates of mainstream lenders. Although non-prime loans can be provided for nearly any purpose, most people think of residential home loans when non-prime loans are mentioned. These loans make up the largest portion of non-prime loans.

Individuals who typically might seek a non-prime lender include people with hard-to-prove income such as the self-employed, people with too much existing debt, people with less-than-perfect credit, and those who've filed for bankruptcy or foreclosure. A large portion of non-prime borrowers are low-income people who have little or no collateral to back a loan.

Borrowers who can qualify for loans with mainstream lenders will usually save money by borrowing from a mainstream lender rather than from a non-prime lender. At the same time, non-prime lenders make loans available to many people who might otherwise not qualify to get them. Since non-prime loans usually go to people whose credit is not perfect, these loans generally have higher interest rates and fees to cover the greater risk and higher costs that go along with this type of lending.

The following list contains selected lenders that either identify themselves as non-prime lenders or are known to make significant numbers of non-prime loans. The first five lenders listed-Household Financial, CitiFinancial, Washington Mutual, New Century Financial Corp., and Ameriquest Mortgage Corp.-are among the largest providers of non-prime loans in the United States. Future issues of MWB will contain additional listings of non-prime lenders.

HFC - HOUSEHOLD FINANCIAL SERVICES

2700 Sanders Rd

Prospect Heights IL 60070

Tel: 847-564-5000

https://www.householdfinance.com

Household Financial is one of the largest, if not the largest, non-prime lenders in the United States. Household Financial makes more than $20 million in subprime loans per year, according to the company's loan portfolio. Around half of these loans are second mortgages. The company has approximately 2,000 locations throughout the country.

Household Financial is owned by Household International. Household International is one of the largest consumer finance firms in the country, overall. Its businesses are leading providers of consumer loans, credit cards, auto finance and credit insurance products in the United States, UK and Canada. Household International is a member of HSBC Holdings, one of the largest banking and financial services organizations in the world.

Household companies operate under two of the oldest and most recognized names in consumer finance-HFC and Beneficial. HFC and Beneficial make secured loans (typically, secured by home equity) and unsecured consumer loans, often to lower-income, middle-income and working class borrowers whose credit might not qualify them for loans from many other lenders. Also offers auto loans and various insurance products targeted to the under-insured.

CITIFINANCIAL

301 Saint Paul St

Baltimore MD 21202

Tel: 410-332-1574; 800-995-2274

http://www.citifinancial.com

CitiFinancial, part of Citigroup, offers non-prime loans from its more than 2,100 locations in the United States and Canada.

CitiFinancial's offerings include bill consolidation, debt refinancing, home equity, home improvement, and personal loans.

WASHINGTON MUTUAL INC

1201 3rd Ave.

Seattle, WA 98101

Tel: 206-461-2000; 800-756-8000

Fax: 206-554-4807

http://www.wamu.com

Washington Mutual, also known as WaMu, is the largest thrift and one of the largest non-prime lenders in the United States. WaMu offers traditional consumer and commercial banking services, mortgages and other loans through approximately 2,200 locations nationwide.

WaMu is one of the largest providers of residential mortgages in the country. The company's Long Beach Mortgage provides specialty mortgages through independent brokers. WaMu also sells life and property/casualty insurance.

WaMu has a Consumer Group, Mortgage Banking segment, Commercial Group, Multi-family Lending, Commercial Banking, Commercial Real Estate, Home Builder Finance and Specialty Mortgage Finance units.

The Consumer Group offers financial products and services to customers through a wide range of channels, including its network of retail banking stores, retail and wholesale home loan centers, and correspondent lenders.

Washington Mutual's Mortgage Banking segment is a leader in the mortgage industry in mortgage origination, sales and servicing. The segment offers a broad array of home lending products through its retail, wholesale, correspondent and sales channels.

Washington Mutual's home loan products include fixed-rate home loans, adjustable-rate home loans (ARMs), hybrid home loans, government insured or guaranteed home loans.

Washington Mutual's Multi-Family Lending (MFL) division provides a broad array of adjustable and fixed financing products for the purchase or refinancing of existing multi-family properties with five or more units in 15 major U.S. markets across the country, and is a Delegated Underwriting and Servicing (DUS) lender for Fannie Mae's complete line of multifamily financial products.

Washington Mutual's Commercial Real Estate (CRE) division provides construction, acquisition, rehab and term financing for office, retail and industrial properties, and new multi-family construction.

Washington Mutual's Home Builder Finance (HBF) division provides revolving lines of credit and project loans for the acquisition and development of land and construction of single-family homes for home builders in 30 markets across the country.

Through its subsidiary Long Beach Mortgage, the Commercial Group originates and services home loans made to higher-risk borrowers that are sold to secondary market participants.

NEW CENTURY FINANCIAL CORP.

18400 Von Karman, Ste. 1000

Irvine, CA 92612

Phone: 949-440-7030

Fax: 949-440-7033

Toll Free: 800-967-7623

http://www.ncen.com

New Century Financial provides non-prime mortgage loans, mostly for single-family residences. The company's wholesale division originates and purchases loans through a network of 21,000 independent mortgage brokers, while its retail division markets loans to individuals through branches in 26 states. A large portion of the company's loans are made in California.

New Century is a leading nationwide specialty mortgage banking company that, through its subsidiary, New Century Mortgage Corporation, originates, purchases, sells and services residential mortgage loans secured primarily by first mortgages and on single family residences.

The Company's borrowers generally have substantial equity in the property securing the loan, but have impaired or limited credit profiles or higher debt-to-income ratios than traditional mortgage lenders allow.

These borrowers also include individuals who, due to self-employment or other circumstances, have difficulty verifying their income through conventional methods.

AMERIQUEST MORTGAGE CORP.

1100 W. Town and Country Rd.

Orange, CA 92868-4600

Phone: 714-541-9960

Fax: 714-634-0674

Toll Free: 800-523-3964

http://www.ameriquest.com offsite

Ameriquest Mortgage is one of the largest specialty lenders in the United States. The company originates, purchases, and sells retail and wholesale non-prime mortgage loans secured by one- to four-family residences. Ameriquest originates loans in all areas except Virginia, West Virginia, the District of Columbia, New Mexico and Oakland CA.

The company is a seller and servicer for Fannie Mae and Freddie Mac, and a non-supervised HUD mortgagee. Also offers debt consolidation and personal financing loans. Ameriquest operates through several hundred offices throughout the country. The company is owned by Ameriquest Capital Corporation.

Ameriquest's ads state, "Our loans are easier to qualify for, and our rates are competitive. You can be prequalified in 24 hours. And we can close your loan in days, not months ... Our sole focus on helping homeowners has made us one of the country's leading lenders."

Ameriquest offers loans to individuals with hard-to-prove income without requiring traditional income documentation. In addition, the company caters to individuals who might have too much existing debt, less-than-perfect credit, or a history of bankruptcy or foreclosure and who therefore might not qualify for a loan with conventional lenders.

ACCREDITED HOME LOANS

15090 Avenue of Science, Ste. 200

San Diego, CA 92128

Phone: 858-676-2100

Fax: 858-676-2170

Toll Free: 800-690-6000

http://www.accredhome.com

Accredited Home Loans is owned by Accredited Home Lenders, Inc., a premier mortgage banker servicing all United States markets for non-prime residential mortgage loans.