The new programs now available at Southwest Funding include: $5,000 escrow hold-back in-house, non-QM
, high-loan-to-value jumbo and W2-only on specific programs, plus lowering FICO score requirements for VA
loans down to 580 and for FHA
loans down to 560. Additionally, the company added a manufactured property-type program across its government product mix for FHA
and USDA loans through the company’s in-house correspondent-banking channel. The new programs are in addition to the company’s already diverse mix of traditional loan offerings.
“This is a wonderful addition and value for our originators who will be able to offer these new programs to their clients and referral partners for new home opportunities, while reducing the need for third party transactions and greatly improving communication and level of service for all parties,” said Michael Taylor, business development manager with Southwest Funding.
The new additions are currently offered through Southwest Funding’s internal banking channel allowing originators direct access to underwriters and overall support. According to Taylor, many lenders fail to provide more diverse program options through in-house banking, which greatly limit originators who then have to pass on the loan or seek to broker through a wholesale channel.
“The additional value our originators obtain is service and an ability to communicate with our own underwriters and the rest of the operations team on these products. All of this combined really makes these programs a great feature for the originator, their referral partners and the borrowers,” said Taylor.
Southwest Funding, a mortgage banker with over 75 locations throughout the US, has announced the implementation of new loan programs, further diversifying the company’s product mix.