William Fisher, Executive Vice President of Jumbo and Non-QM at LoanStream, said he was “super excited” about the return of the product, the relaunch of which was carefully paused to assess secondary risk appetite and borrower demand in the wake of the pandemic.
Serene Vernon, President of LoanStream, said: “We had a competitive foreign domestic program prior to COVID, and while LoanStream never stopped funding non-QM, we took a conservative approach focusing on non-QM commodities. Furthermore, we think it would be prudent and more effective to pause and experience the economic stability that we have recently seen in the markets here and internationally prior to the launch of this program. “
The largest third-party originator’s presence continues to grow, offering more than 70 different home loan products in 38 states, led by its leading non-quality-assured product, NanQ.
Fisher said LoanStream’s latest product was “more developed” and innovative compared to rival companies’ programs, offering more competitive LTV rates, higher loan amounts, and available property types that allow mortgage brokers to expand their business. offer to real estate partners and clients.
In some cases, borrowers will only be required to provide a passport and credit reference letter, but those customers with good US credit scores will be at an advantage, Fisher said.