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As FGMC shuts down, lender partners question fate of loans in pipeline

HW+ empty office

Tech-fueled mortgage lender UpEquity just wants answers.  

Roughly a year ago, the Austin-based fintech began to sell its loans to First Guaranty Mortgage Corporation (FGMC), a lender and investor that specializes in non-qualified mortgage loans and is controlled by behemoth investment management firm Pacific Investment Management Company (PIMCO). 

UpEquity sent between 30 and 40 loans per month to FGMC, worth about $60 million in total volume, executives said. Depending on the month, FGMC bought between one-fourth and one-third of the loans UpEquity sold to investors through the correspondent channel.

One week ago, problems emerged: FGMC’s details ⇒

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