Mortgage brokers and correspondent lenders now have expanded options when it comes to lending to borrowers who don’t fit into the Qualified Mortgage box.
Plaza Home Mortgage announced this week it is rolling out an expanded non-QM lending program that will “allow brokers and correspondent lenders to qualify more non-traditional borrowers.”
According to the company, the “Solutions Non-QM program” is available on a delegated or non-delegated basis with increased “flexibility” in the underwriting process.
Specifically, the program offers loan amounts up to $2.5 million; “flexible income documentation” including 12- and 24-month full documentation or 12- and 24-month personal and business bank statements; and debt-to-income ratios up to 50%.
According to Plaza Home, the program also offers interest-only options along with “expanded eligibility on all document types and lower reserve requirements.”
Additionally, Plaza Home said wholesale brokers can now send in their borrowers’ bank statements, and the company will calculate the qualifying income on their behalf prior to loan submission.
“In today’s tight environment, originators create value and build relationships by being problem solvers. This requires a wide and expanding array of products and tools at their disposal,” said Michael Fontaine, chief operating officer and chief financial officer at Plaza Home Mortgage.
“Our expanded Solutions Non-QM program is just one of Plaza’s many programs that make it easier for originators to serve more non-traditional borrowers and to differentiate themselves to referral sources,” Fontaine said.