NewOak launched its new Non-Qualified Mortgage Support Services platform, which provides a range of solutions to address the demands on originators and investors in non-QM products to manage increasing regulatory and enforceability risks.
The New York-based company is a financial advisory firm specializing in mortgage risk analytics, regulatory compliance, risk management and financial litigation consulting, and developed the new product through its credit services division.
In addition, it includes NewOak's innovative Mortgage Defense Package, a proprietary electronic repository of all key documentation and decision-support data needed to "defend" the loan approval.
“The reality is that there is a very large audience of attractive borrowers who are not able to obtain a new mortgage or refinance an existing one,” said Partner Chad Burhance, head of NewOak Credit Services.
“Whether it's the loan amount, blemishes on the borrower’s credit or a change in employment, these factors as well as others can adversely affect borrowers. However, many originators and investors deem these characteristics as both acceptable and desirable risks, but their existing operations are not configured in accordance with many of the new regulations, including the ability-to-repay analysis,” he continued.