MReport April 2021

TheMReport — News and strategies for the evolving mortgage marketplace.

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8 | M R EP O RT MTECH Expanding Homeownership DEEPHAVEN LAUNCHES SPRING SLAM TO QUALIFY MORE NON-QM HOMEBUYERS N on-QM lender Deep- haven reported that they have launched a progres- sive portfolio of new products with "highly favorable LTV (loan-to-value ratio)" and FICO® combinations to give mortgage brokers a head start on the competitive spring homebuying season. The Spring Slam products, as the company terms them, are designed to empower brokers to qualify and serve more borrow- ers in the expanding non-QM market. "The upcoming homebuying season promises to be one of the toughest on record because of tight inventories and price appreciation, and highly qualified purchasers who don't meet gov- ernment thresholds will be scram- bling to participate. This expands opportunities for brokers to grow their non-QM borrower base quickly," said Jeff Burrus, SVP, Wholesale Sales & Operations, Deephaven Mortgage. According to a press statement, Deephaven will back mortgages for borrowers based on these ratios: • Expanded-Prime: » 90% LTVs and FICO Scores to 660 for home purchases, as well as rate-and-term refinanc- ing for primary homes » 80% LTVs on a cash-out primary home down to a 680 FICO • Non-Prime: » 85% LTVs on a purchase or rate-and-term, down to a 700 FICO » 80% LTVs on a purchase or rate-and-term, down to a 640 FICO • DSCR (Debt Service Coverage Ratio): » 80% LTV on a purchase or rate-and-term, down to a 700 FICO » 70% LTV on a purchase or rate-and-term, down to a 660 FICO In anticipation of the de- mand for these products and services, Deephaven is hiring for a wide range of wholesale mortgage positions. Potential applicants can learn more at At the Click of a Button LODASOFT OFFERING SINGLE- CLICK DUAL AUS SUBMISSIONS FOR FREDDIE MAC AND FANNIE MAE. L odasoft, a Digital Work- flow Platform designed by mortgage veterans to revolutionize loan origination and task automation, announced it is now offering single-click submissions of loan data to both Freddie Mac and Fannie Mae's automated underwriting systems (AUS), delivering greater trans- actional ease and operational efficiency. According to a company release, mortgage lenders lever- aging Lodasoft will now have the ability to run an application through both systems, with a single click, to quickly identify the best option for the borrower up front. Additionally, the dual-AUS submission and review process will allow lenders to maximize loan fungibility in the secondary market and improve loan quality through automation. "We're excited to see Lodasoft build out dual-AUS submission integration that make it easier for our shared clients to implement ca- pabilities like Loan Product Advisor asset and income modeler and automated collateral evaluation," said David Fulford, Freddie Mac Single- Family VP of Lender Strategy and Integration. "These solutions help lenders who have committed signifi- cant investment provide borrowers with an even better end-to-end digital experience." The single-click dual AUS system not only save money by identifying the best product for the borrower as early as possible but can also reduce loan cycle times by days or even weeks. "By submitting loan data via a single click to both Freddie Mac and Fannie Mae, lenders can see the full view of options available to their borrowers and ultimately deliver an improved experience. This also helps save money and allows lenders to close loans faster," said Adam Batayeh, President of Lodasoft. "We're excited about this partnership and how our new offering will positively impact our clients." Facilitating Non-QM Lending NON-QM GUIDELINES AND PRICING ENHANCEMENTS MADE TO OPENCLOSE'S PRODUCT AND PRICING ENGINE. O penClose®, a leading mortgage fintech pro- vider and omnichannel loan origination system (LOS), announced that it enriched new program qualification search functionality into its Decision- Assist™ product and pricing engine (PPE) to accommodate nonagency and custom non- QM loan programs. "Unlike most PPEs, the flexible archi- tecture design and scalability of DecisionAssist makes it easy for OpenClose to add new non- QM loan programs to its library of investor and lender specific guidelines," OpenClose said in a statement.

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