"Some of that was different guidelines from a DSCR perspectiveWe enhanced our guidelines on our bank statement program. Our LTVs are still averaging around 70% on these products, and our FICOs are still in the 740 range. So we're not talking the old thought process where non-QMs are subprime, it's far from it. These are good credit customers that are in need of these loans."
"Just from a wholesale perspective, and, keep in mind, we've grown our production from a funding perspective by 40% over the last four months, but just year over year, we will in the wholesale channel alone, have doubled our funding production from roughly 1 billion to over 2 billion at the end of the year probably around 2.2 billion in fundings. That's 100% growth year over year, or double in production anyway."
Newrez implemented guideline enhancements about four months ago that materially increased non-QM production by roughly 40%. Enhancements included DSCR-related changes and upgrades to the bank-statement program. The majority of non-QM volume remains bank-statement alternative-income loans, representing about 60% of production, with average LTVs near 70% and FICO scores around 740. Crypto-backed loans are being evaluated but are not yet part of guidelines. Wholesale channel funding doubled year over year from roughly $1 billion to about $2.2 billion, reflecting strong demand and expanded broker marketing opportunities amid flat purchase growth.
Read at www.housingwire.com
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