Onslow Bay is a Long-Term Residential Mortgage Investor with Direct Access to Significant Permanent Capital

Onslow Bay Financial

Onslow Bay Financial LLC (“Onslow Bay”) is a preeminent correspondent aggregator that purchases closed, funded residential whole loans from our expansive network of approved originator partners. Onslow Bay does not have an origination platform and therefore does not compete with our origination partners, making us a preferred partner.

Onslow Bay is a wholly-owned subsidiary of Annaly Capital Management, Inc., the largest mortgage REIT in the world, and has been active in acquiring expanded credit residential whole loans since 2016.

$23.8bn

Non-Agency Securitizations
Issued Since 2018

60

Securitizations Completed Under the Onslow Bay Shelf (“OBX”)

$26.8bn

Whole Loan Acquisitions
since 2016

Onslow Bay Financial Originator Partnership

Onslow Bay Financial supported our originator partners during the market volatility caused by the COVID-19 pandemic by honoring all of our outstanding whole loan commitments and continuing to provide liquidity.

 

Onslow Bay Programs

Expanded Prime Plus

  • Opportunity to qualify through full documentation (W2, tax returns, asset depletion, 1099), streamlined verification (1 year full documentation) or alternative documentation (Personal or Business Bank Statements, 12 Month Profit & Loss (PnL) and Written Verification of Employment (WVOE))
  • Product types: 3/6 ARM, 5/6 ARM, 7/6 ARM, 10/6 ARM, 15 Year Fixed, 30 Year Fixed, 40 Year Fixed
  • Minimum FICO of 660; Maximum LTVs of 90%
  • Owner occupied, investment properties and second homes available
  • Maximum DTI of 55%
  • Maximum loan sizes of $3.5 million
  • 4+ years housing event seasoning
  • Payment history: 0x30x12
  • Interest only products available

Sharp A+

  • Opportunity to qualify through full documentation (W2, tax returns, asset depletion, 1099), streamlined verification (1 year full documentation) or alternative documentation (Personal or Business Bank Statements, 12 Month Profit & Loss (PnL) and Written Verification of Employment (WVOE))
  • Product types: 3/6 ARM, 5/6 ARM, 7/6 ARM, 10/6 ARM, 15 Year Fixed, 30 Year Fixed, 40 Year Fixed
  • Minimum FICO of 660; Maximum LTVs of 90%
  • Owner occupied, investment properties and second homes available
  • Maximum DTI of 50%
  • Maximum loan sizes of $3.0 million
  • 3+ years housing event seasoning
  • Payment history: 1x30x12, 0x60x24
  • Interest only products available

Sharp A-

  • Opportunity to qualify through full documentation (W2, tax returns, 1099), streamlined verification (1 year full documentation) or alternative documentation (Personal or Business Bank Statements)
  • Product types: 3/6 ARM, 5/6 ARM, 7/6 ARM, 10/6 ARM, 15 Year Fixed, 30 Year Fixed
  • Minimum FICO of 660; Maximum LTVs of 85%
  • Owner occupied, investment properties and second homes available
  • Maximum DTI of 45%
  • Maximum loan sizes of $2.0 million
  • 2+ years housing event seasoning
  • Payment history: 2x30x12, 1x60x24

Foreign National Plus

  • Opportunity to qualify with full documentation, including foreign credit for investment properties or second homes. Opportunity for borrowers to qualify for investment properties through a DSCR underwrite
  • Product types: 3/6 ARM, 5/6 ARM, 7/6 ARM, 10/6 ARM, 15 Year Fixed, 30 Year Fixed
  • Maximum LTVs of 65%
  • Investment properties and second homes available
  • Maximum DTI of 45%
  • Maximum loan sizes of $1.0 million
  • 4+ years housing event seasoning
  • Payment history: 0x30x12

Agency Investor

  • Opportunity to qualify for an investor loan with AUS approval
  • File must contain a DU “Approve/Eligible” or LP “Accept/Eligible”
  • Product type 30 year fixed only
  • Minimum FICO of 660; Maximum CLTVs of 80%
  • Investment properties only
  • Maximum DTI of 50%
  • Maximum loan size subject to Agency Conforming and Agency High Balance loan limits
  • Derogatory Credit and Mortgage History per DU/LP

Non-Agency Investor (AUS)

  • Opportunity to qualify for an investor loan with a larger loan balance with AUS approval
  • File must contain a DU “Approve/Ineligible” (due to Loan Balance only) or “Accept / Ineligible” (due to Loan Balance only)
  • Product type 30 year fixed only
  • Minimum FICO of 680; Maximum CLTVs of 80%
  • Investment properties only
  • Maximum DTI of 50%
  • Minimum loan size $1 above Agency High Balance; Maximum loan size $2.25mm
  • Derogatory Credit and Mortgage History per DU/LP

DSCR Plus

  • Qualify with the lower of the appraisal market rents or executed lease agreement
  • DSCR = Gross Rent/PITIA; DSCR = Gross Rent/ITIA (Interest Only)
  • Professional Investors Only (12 Months of Managing Income Producing Real Estate)
  • Product types: 3/6 ARM, 5/6 ARM, 7/6 ARM, 10/6 ARM, 15 Year Fixed, 30 Year Fixed, 40 Year Fixed
  • Minimum FICO of 660; Maximum LTV of 80%
  • Minimum DSCR of .75x or No Ratio Permissible
  • Maximum loan size $2.0mm
  • Borrowers can qualify with or without employment verification
  • 3+ years housing event seasoning
  • Interest only products available

Cross Collateralized

  • Up to 15 properties
  • DSCR = Total Gross Rent/Cross Collateralized Loan PITIA (P&I), Total Gross Rent/Cross Collateralized Loan ITIA (Interest Only)
  • Professional Investors Only (12 Months of Managing Income Producing Real Estate)
  • Product types: 3/6 ARM, 5/6 ARM, 7/6 ARM, 30 YEAR FIXED, 40 YEAR FIXED
  • Minimum FICO of 680; Maximum LTV of 75
  • Minimum DSCR of 1.10x per property
  • Maximum Loan Size of $2.0mm
  • Borrowers can qualify with or without employment verification
  • 4+ years housing event seasoning
  • Interest only products available

Agency Second Home

  • Opportunity to qualify for a second home with AUS approval
  • File must contain a DU “Approve/Eligible” or LP “Accept/Eligible”
  • Product type 30 year fixed only
  • Minimum FICO of 660; Maximum CLTVs of 80%
  • Second homes only
  • Maximum DTI of 50%
  • Maximum loan size subject to Agency Conforming and Agency High Balance loan limits
  • Derogatory Credit and Mortgage History per DU/LP

Non-Agency Second Home (AUS)

  • Opportunity to qualify for a second home with a larger loan balance with AUS approval
  • File must contain a DU “Approve/Ineligible” (due to Loan Balance only) or “Accept / Ineligible” (due to Loan Balance only)
  • Product type 30 year fixed only
  • Minimum FICO of 660; Maximum CLTVs of 80%
  • Second homes only
  • Maximum DTI of 50%
  • Minimum loan size $1 above Agency High Balance; Maximum loan size $2.25mm
  • Derogatory Credit and Mortgage History per DU/LP

Jumbo (AUS)

  • Opportunity to qualify if ran through an Automated Underwriting System (“AUS”)
  • Loans must be run through Fannie Mae’s Desktop Underwriter (“DU”) or Freddie Mac’s Loan Prospector (“LP”)
  • Product Types: 5/6 ARM, 7/6 ARM, 10/6 ARM, 15 Year Fixed, 30 Year Fixed
  • Minimum FICO of 680; Maximum LTV of 80%
  • Owner Occupied and second homes available
  • Maximum DTI of 45%
  • Maximum Loan Size of $2.5 million
  • 4+ years housing event seasoning
  • Payment History: Default to DU/LP
  • No Exceptions allowed

Closed End Seconds

  • Opportunity to qualify for a Closed End Second Lien with documentation per Fannie Mae Seller Guidelines or Desktop Underwriter (“DU”)
  • Product types: 10 Year Fixed, 15 Year Fixed, 20 Year Fixed, 30 Year Fixed
  • Minimum FICO of 680; Maximum LTVs of 85%
  • Owner occupied, investment properties and second homes available
  • Maximum DTI of 50%
  • Maximum loan sizes of $500k
  • 4+ years housing event seasoning
  • Payment history: 0x30x12

HELOC

  • Opportunity to qualify for a Home Equity Line of Credit with documentation per Fannie Mae Seller Guidelines or Desktop Underwriter (“DU”)
  • Product Types: 30 Year Maturity (3 Year Draw), 30 Year Maturity (5 Year Draw), 30 Year Maturity (10 Year Draw), 20 Year Maturity (3 Year Draw), 20 Year Maturity (5 Year Draw), 20 Year Maturity (10 Year Draw)
  • Minimum FICO of 680; Maximum CLTV of 85%
  • Owner occupied, investment properties and second homes available
  • Maximum DTI of 50%
  • Maximum loans sizes of $500k
  • 4+ years housing event seasoning
  • Payment history: 0x30x12, 1x30x24

 Onslow Bay believes in common-sense lending and is willing to consider exceptions to loans outside our guides with compensating factors.

 Announcements

April 29, 2024

Onslow Bay closed its $441.4mm non-QM transaction, OBX 2024-NQM6. This deal brings Onslow Bay’s aggregate issuance to about $24.0 billion.










April 3, 2024

Onslow Bay closed its $574.6mm non-QM transaction, OBX 2024-NQM5. This deal brings Onslow Bay’s aggregate issuance to about $23.6 billion.










March 15, 2024

Onslow Bay closed its $397.8mm Hybrid ARM transaction, OBX 2024-HYB2. This deal brings Onslow Bay’s aggregate issuance to about $23.0 billion.










 

Onslow Bay Licenses

Onslow Bay Financial LLC is an approved Fannie Mae Single Family Servicer, a Freddie Mac Single Family Seller/Servicer, a HUD Investing Mortgagee and currently holds the requisite state mortgage finance approvals or exemptions to purchase and own performing residential whole loans (1st and 2nd lien) and/or servicing rights in all 50 states and the District of Columbia.

NMLS ID# 1101477

For licensing information, please visit the NMLS Consumer Access website.

Contact Us

Onslow Bay Financial LLC

1211 Avenue of the Americas, Suite 4100
New York, NY 10036 US
Phone: 1-888-228-3861
sales@onslowbayfinancial.com

This site is not authorized by the New York State department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.

Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act.