MA Money, a non-bank mortgage lender, has ushered in “Prime Time,” significantly reducing rates across its Prime loan range for brokers and their clients. The initiative aims to bolster competitive pricing for both Full Doc and Alt Doc loan scenarios, according to a news release.
“Full Doc” loans, typically preferred by those with a straightforward and easily verifiable income, require extensive financial documentation like tax returns and pay slips. In contrast, “Alt Doc” loans cater to self-employed individuals or those with non-traditional income streams, allowing alternative forms of documentation such as bank statements or accountant letters to prove repayment capacity.
Tim Lemon, MA Money’s national sales manager, said the campaign was focused on flexibility, service, and quick turnarounds. “It’s a very competitive market and this is our way of helping brokers win more deals – and get them done faster,” Lemon said. “They told us they needed sharper rates and faster approvals, so we delivered.”
The rate reductions amount to as much as 0.30% on Prime loans up to $5 million. Under the new Prime Time structure, Prime Full Doc rates now begin at 6.14% p.a. (comparison rate 6.20%*), while Prime Alt Doc rates start from 6.44% p.a. (comparison rate 6.49%*).
Lemon emphasized MA Money’s “common-sense credit approach,” noting that the lender does not employ credit scoring, comprehensive credit reporting (CCR), or debt-to-income (DTI) restrictions. This approach, he said, is complemented by dedicated business development manager (BDM) support, a scenario specialist for deal certainty, and 48-hour turnaround times for conditional approvals.
“We’re focused on helping brokers get more deals across the line… faster,” Lemon said, encouraging brokers to connect with their MA Money BDM for further details on the updated Prime offering.
MA Money specializes in residential loans, with an aim to provide flexible alternatives tailored to individual financial needs.
*The comparison rate, based on a $150,000 secured residential home loan over a 25-year term, serves as a guide. Different terms, fees, or loan amounts may alter the comparison rate.
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