LoanStream Mortgage has announced the integration of its “One Program” and “One Rate Sheet” non-prime (non-QM) offering into a single loan program.
The risk-based adjusted program enables brokers and their non-delegated correspondents to qualify borrowers for a loan without compromising security.
"Brokers and smaller mortgage bankers are trying to learn these products,” said LoanStream CEO Rabi Aziz. “When they go to their wholesaler, they get several matrices and rate sheets. It's tough to cut through the clutter and find out where their borrower qualifies or if they will get a better rate in one program or another. Our new 'One Program' solves that issue."
LoanStream has also released a set of guideline enhancements. The company said it is working on an internal and external AUS, a computer system, due to roll out in June, that analyzes borrower loan and credit report data.
"We have a dedicated team reviewing internal and external data sources daily, to ensure our product offering is consistently innovative while protecting each borrower it finances by ensuring their ability to repay,” LoanStream President Serene Vernon said in a statement. “Looking at March 2018 compared with March 2019, our non-prime fundings are up 300%. We are grateful to our partners for their business and are looking at every way to streamline the process."