BNC Mortgage Inc.

BNC Mortgage Inc. was founded in 1995 as a specialty lender. Based in Irvine, California, BNC originates loans through 24,000 mortgage brokers in fifty branches across the country. Each branch is operated locally, with loan decisions made independently at the branch. The niche for this lender is non-conforming loans, serving borrowers who may not qualify for conventional loans at traditional lenders: hard to document income, less than perfect credit histories, first-time borrowers. Since 1995, BNC has funded more than $50 million in loans. National Mortgage News ranks BNC among the top 100 mortgage companies, and the 8th largest wholesale sub-prime lender in the United States. .

Loans offered by BNC Mortgage

  • Select Lending Program; up to $2 million, 2, 3, 5, 10, 15, 20 and 30 year fixed rate
  • Score Advantage Lending Program; refinancing cash-out, up to $1 million, 3, 5, 10, 15, 20 and 30 year fixed rate
  • 80/20 Combo Program; 80% cash out refinancing on a first mortgage, 20% on a second, up to $1 million
  • Financing for single-family to four-family dwellings; condos; second homes

Loans are available through brokers, and are serviced through a variety of sources. Some of the lenders BNC is affiliated with are; Lehman Brothers, UBS Warburg, Ernst & Young, Deutsche Bank, and Sheppard Mullin. These are all major international banking, investment or law firms. Their tech partners include TCN, Compaq, SBC, Info 1, Cisco Systems, Eastern Software, Citrix, Borland, Crystal Decisions, and Microsoft. By partnering with these companies, BNC has stayed at the cutting edge of technology, allowing them to deliver to their customers the most efficient communications and tracking systems.

BNC has created a code of ethics for its lenders, knowing that lending in the subprime market is often predatory. With the intent of providing a fair service and maintaining integrity, BNC will not steer borrowers to inappropriate products; will determine that borrowers have the ability to repay loan amounts; will not “flip” customers (refinance a property simply to extract fees and commissions from the transaction); will inform all borrowers on the terms, condition, risks and benefits of any loan transaction; will charge fair fees and rates; will not bundle unnecessary insurance products; will offer loans with no prepayment penalties as an option, and will not overcharge prepayment penalties; will report borrowers repayment history to credit bureaus, in the interest of improving their credit history through steady repayment. BNC will not knowingly purchase a loan that has been made in a predatory manner.

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