BNC Mortgage Inc.
BNC Mortgage originates sub-prime residential mortgages for
customers who don't meet standard lending criteria. The company then sells
virtually all of its loans, including servicing rights, into the secondary
market for cash.
BNC's sub-prime wholesale division works with about 11,500 independent loan
brokers and accounts for a majority of the company's loan originations. Its
wholesale prime division buys and sells mortgages for high credit borrowers.
BNC Mortgage has about 50 offices throughout the US. In 2000 Lehman Brothers
helped once publicly-traded BNC go private by financing management's purchase of
the company, then three years later it exercised its option to buy BNC outright.
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