First Nationwide Mortgage Corp., a unit of California Federal Bank, last week launched a refinancing program geared to low- and moderate-income borrowers.

"These homeowners are typically hassled by other mortgage companies for documentation of their income or assets, and risk being charged higher fees and interest rates," said Terry Rowland, executive vice president of First Nationwide/CalFed Lending.

He said the program lets some borrowers merely state their income and assets, without documentation. Borrowers may select a slightly higher interest rate to reduce closing and prepaid costs, Mr. Rowland said.

The mortgage being refinanced must be at least 12 months old, and applicants cannot have had a late payment in the previous 24 months, Mr. Rowland said.

Home on Time is available in targeted Community Reinvestment Act- qualified areas surrounding California Federal Bank branches in California, Nevada, and Florida, and in low- and moderate-income census tracts throughout the nation.

First Nationwide projects that its mortgage production will exceed $11 billion this year.

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