Sprout Mortgage enhances non-QM program
Sprout Mortgage is adding enhancements to its recently unveiled suite of non-QM programs. Last week, the lender announced the release of three modifications to complement its May 27 non-QM program release after a short freeze on non-QM lending.
With an original cap at 80% LTV on most loan programs, Sprout is now offering up to 85% LTV, according to the release. Sprout also stated it has reduced rates across the entire program offering, and increased maximum loan amounts at lower LTV levels on the Select program series.
The Select programs mentioned include –
Select Jumbo Full Doc – For income documented with pay stubs and tax returnsSelect Bank Statements or 1099 – Typically for the self employedSelect Asset Optimizer – For high net worth borrowers
“We’re pleased to broaden the qualifications and capabilities of our programs to help our clients meet the needs of borrowers in today’s evolving markets,” said Michael Strauss, president of Sprout Mortgage. “Our Premier, Select and Inve$tor programs, along with innovative technology and highly skilled account executives, combine to make non-QM mortgages easy and convenient for our clients while providing a broad range of solutions for many different home finance scenarios.”
In late March, Sprout announced it was suspending the funding of all loans until April 1, however, it was not until the beginning of May that Sprout would break its non-QM lending freeze.
After reopening activity, Sprout revealed a new jumbo mortgage program for purchases and refinances, and launched four non-QM programs in late May.
Sprout is just one of several lenders inching its way back into the non-QM space, including Angel Oak Mortgage Solutions and Greenbox Loans. Impac Mortgage is evaluating its non-QM products as circumstances evolve.
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