Mortgage lender NewRez (formerly New Penn Financial) has expanded its SMART loan series, a line of non-QM loan products aimed at borrowers who do not meet the requirements of traditional mortgage loans.
NewRez developed the terms and features of the SMART series, including loan amounts, FICO and LTV combinations. The company has also made most of the SMART series products available as 40-year interest-only loans.
Launched in February 2018, the SMART series has six products that provide a variety of options for borrowers who are unable to secure traditional financing, as well as those with an isolated derogatory event, bank statement or asset qualifiers, experienced real estate investors, and non-warrantable condominiums.
“With more than a year of successfully originating SMART series loans, we found that there were opportunities to make adjustments in the programs that would allow us to reach an even larger number of borrowers,” said Kevin Harrigan, president, and CEO of NewRez. “We are continually reviewing our product offerings so that we can make needed adjustments based on market conditions and the unique needs of our clients.”
“Other lenders may still be overlooking many of the borrowers who we have been able to assist through our SMART series. These are deserving, well-qualified borrowers, and we look forward to bringing more options to more clients through our expanded programs,” said Harrigan.