Info

BNC Mortgage, Inc. is a specialty finance company engaged in the business of originating, purchasing and selling non-conforming, and to a lesser extent, conforming residential mortgage loans secured by one-to-four family residences. The Company's loans are made to owners of single family residence who typically use the loan proceeds for purposes such as refinancing existing mortgages, debt consolidation, financing of home improvements, education and other similar needs, and, to a lesser extent, to purchase residences. The Company originates loans through its wholesale subprime operations and its wholesale prime operations, through which it originates mortgage loans through approved independent loan brokers. The Company currently sells all of its mortgage loans to institutional purchasers such as investment banks, real estate investment trusts and other large mortgage bankers for cash through whole loan sales.(Source: 10-K405)