360 Mortgage Group Launches Best-In-Class No Mortgage Insurance Loan Product

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New NOMI Product Offers No Interest Rate Adjustment and Minimum 740 FICO.

360 Mortgage Group (360 Mortgage), a privately-owned mortgage banker, with a 100 percent focus on third party origination, announced today it has expanded its product portfolio by offering a new No Mortgage Insurance Loan or “NOMI Product” to borrowers purchasing a home. This first-of-its-kind NOMI product offers borrowers with a less than 20 percent down payment the opportunity to avoid mortgage insurance payments without interest rate adjustments or other price inflations.

“This unique product provides borrowers with an opportunity to benefit from low interest rates without having to pay mortgage insurance,” commented Mark Greco, President and Founder of 360 Mortgage. “Many lenders currently offer a NOMI-type product, but add on a pricing adjustment that increases the borrower’s interest rate and overall cost of owning a home. Our NOMI Product will give mortgage brokers the opportunity to help home buyers save thousands of dollars annually and realize the dream of sustainable homeownership.”

360 Mortgage’s NOMI Product has no pricing inflations or adjustments to interest rates. This product allows borrowers with a less than 20 percent down payment to avoid the cost of mortgage insurance rates and take advantage of the lowest potential interest rates available in the marketplace.

Key Product Guidelines for NOMI Product

  •     Purchase transactions only
  •     Minimum 740 FICO score
  •     Maximum LTV 95%
  •     No mortgage insurance underwrite
  •     Owner-occupied

For more information on the No Mortgage Insurance Loan Product, visit https://www.360mtg.com.

“360 Mortgage is committed to offering our mortgage brokers partners relevant products with competitive pricing, extensive product knowledge, and best-in-class technology and service, added Mr. Greco. “Our objective is to enable all third-party originators to offer borrowers the best mortgage solution and operate efficiently within our model, which is based on service, speed, and sustainability.”

About 360 Mortgage Group, LLC:
Established in 2007, 360 Mortgage Group LLC is a privately owned mortgage bank with a 100 percent focus on third party origination that has successfully utilized its high-technology platform to provide better communication and customer service to business partners. An approved Fannie Mae seller/servicer and Ginnie Mae Issuer, 360 Mortgage Group is headquartered in Austin, Texas and provides services in 31 states across the country. 360 Mortgage Group is emerging as a leader in refinancing under Home Affordable Refinance Program (HARP) 2.0. For more information on 360 Mortgage Group, please visit https://www.360mtg.com.

Media Contacts:                
John Lovallo of LEVICK - Telephone: 212-823-2002 - Mobile: 917-612-8419 - Email: jlovallo(at)levick(dot)com     
Katherine Herring of LEVICK - Telephone: 202-973-1315 - Email: kherring(at)levick(dot)com.

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