Portfolio lending usually occurs among Savings and Loan institutions and banks which many mortgage companies having lending relationships with.  Essentially portfolio loan are not sold on the secondary market therefore leaving the S&L or bank to offer niche products that do not mean customary underwriting guidelines. With compensating factors, a loan that seems impossible can possibly be done. For example, a sub  FICO score doesn't mean a deal is dead if there are compensating factors.

Because these are sometimes referred to as a last resort because these loans can help an individual that can not qualify otherwise.

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