Deephaven Mortgage was founded in 2012 to help rebuild the non-government mortgage market. At that point, mortgage credit had dramatically tightened in response to the housing crisis, and millions of credit-worthy borrowers were still locked out of the market.
The company offers a wide range of Non-QM products to help mortgage originators break into the Non-QM market with self-employed programs, POS technology and a full-service model that delivers an unmatched level of support. Its loan programs, which cater to a broad base of lending needs, include Expanded-Prime, Near-Prime, Non-Prime, Investor and Foreign National. Deephaven offers its products and services to mortgage bankers, brokers, banks and credit unions nationally.
Deephaven developed a series of videos, webinars, training material and marketing materials aimed at helping the originator source new leads and referrals sources. Deephaven’s tools also provide information and depth on how to effectively prepare a closeable full package and how to close loans in 15 days or less on a Non-QM basis. The company’s series of educational webinars hosted on its website provides keen insights into how to market, originate, underwrite and effectively sell Non-QM loans profitably from a secondary marketing standpoint.
“With our training resources, we help brokers see the value in diversifying their business with Non-QM, helping them potentially generate substantially more new revenue annually,” said Mike Brenning, Chief Production Officer at Deephaven Mortgage.
By investing significant resources in training, LO education and point of sale tools, Deephaven has helped LOs add value in their local markets, diverse product offerings, and stand out in a crowded field. Their hands-on, high-touch training model gets originators into their product line and makes the transition seamless and pain-free.
“Broker market share continues to climb, from the post-crisis lows of 5-6% up to 15%+ in the most recent quarter. Everything we do at Deephaven is aimed at helping broker share continue to climb. Through our partnerships with AIME and NAMB, we are constantly trying to increase awareness of the opportunities for brokers in Non-QM, along with providing financial support to these and other organizations that positively affect the broker community,” Brenning said.
In addition, Deephaven continues to make substantial investments in technology that can help the originator at the POS, making a non-QM loan just as efficient, consistent, and fast as a conventional loan. The independent originator, through effective partnerships with the right wholesale lenders, can provide significant cost, rate, and streamlining benefits for the American consumer.
Brokers work with Deephaven because of its attractive pricing, well-rounded products and cutting-edge POS tools, which include AUS, Scenario Calculator, a Scenario Desk and a Bank Statement Desk, which help loan officers qualify loans at the POS.
“We are an end-game decision-maker and securitizer, which allows us to make investments and loan decisions that others cannot. Deephaven is the only green-rated pure-play Non-QM lender on the BRAWL/AIME ranking scale. We are committed to the success of the broker long-term, in every way,” Brenning said.
Matthew Nichols, Chief Executive Officer
Matthew Nichols is the founder and CEO of Deephaven Mortgage. Prior to Deephaven, Nichols served as a managing director at Goldman Sachs, where he ran the Residential Mortgage Loan Business. During his 12 years at Goldman, Nichols built and ran multiple non-agency loan acquisition, origination, servicing, and securitization businesses. He holds a B.A. in Biochemistry from Amherst College.
Michael Brenning, Chief Production Officer
Michael Brenning is the chief production officer of Deephaven Mortgage, where he oversees sales and client development. Prior to Deephaven, Brenning held many senior leadership roles in correspondent and wholesale sales, capital markets, and marketing. Most recently, he was the vice president of correspondent/wholesale and strategic partnerships at Quicken Loans. Brenning holds an M.B.A. in Finance from Montreat College and a B.A. from Hamline University, where he studied economics.
Jay McMillan, Senior Vice President, Wholesale
Jay McMillan has spent the last 28 years in the mortgage business, serving in both operations and sales positions. He is currently the senior vice president of sales at Deephaven Mortgage, where he manages a team of account executives. While McMillan has spent most of his career in the wholesale channel, he began as a mortgage broker and also spent time as a retail loan officer, giving him a well-rounded view of all sides of the industry. McMillan holds a B.A. from Montreat College in Business Administration, Management and Operations.