A Guide to WMC Mortgage and Its Loan Options

WMC Mortgage is a well-established mortgage lender that offers a range of loan options to suit different needs and circumstances.

WMC Mortgage was founded in 1993 and is headquartered in Tampa, Florida. The company has a strong presence in the southeastern United States and has originated over $100 billion in mortgages since its inception.

To qualify for a mortgage with WMC Mortgage, borrowers typically need to have a good credit score and a stable income. They must also meet the lender's debt-to-income ratio requirements.

WMC Mortgage offers a variety of loan options, including fixed-rate and adjustable-rate loans, with terms ranging from 10 to 30 years.

For another approach, see: Rocket Mortgage Debt to Income Ratio

WMC Mortgage was founded in 1955 as Pacific Western Mortgage Company, later becoming Weyerhaeuser Mortgage Company.

The company went through several mergers before being sold to Apollo Global Management in the late 1990s, allowing it to enter the subprime mortgage lending business.

In 2004, GE Money, owned by General Electric, bought WMC Mortgage for about $500 million, significantly expanding its operations.

WMC Mortgage catered to consumers with less than perfect borrower profiles, and by 2006, it ranked fifth in the dollar volume of subprime mortgage originations in the United States.

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WMC Mortgage was founded in 1955 as Pacific Western Mortgage Company.

The company went through several mergers and became known as Weyerhaeuser Mortgage Company, owned by US timber company Weyerhaeuser.

In the late 1990s, WMC Mortgage was sold to private equity firm Apollo Global Management, which led the company into the subprime mortgage lending business.

WMC Mortgage catered to consumers with less than perfect borrower profiles, making it one of the largest subprime lenders in the United States.

By 2005, WMC Mortgage had ranked seventh in the dollar volume of subprime mortgage originations, and by 2006, it had climbed to fifth place.

GE Money, owned by General Electric, bought WMC Mortgage for about $500 million in 2004.

GE ceased WMC's operations in late 2007 due to the subprime market collapse, and the company's unit filed for Chapter 11 bankruptcy.

Loans are a type of financial agreement where a lender provides a borrower with a sum of money in exchange for regular payments, including interest and principal.

A loan can be secured, meaning collateral is required, or unsecured, meaning no collateral is needed. Secured loans often have lower interest rates and more favorable terms.