Automated underwriting technology provider LoanScorecard has announced that its technology will power IDENTI-FI AUS, Deephaven Mortgage’s new non-QM point-of-sale/pre-qualification tool.
Deephaven aims to be the top provider of non-agency loans to the origination community, and offers expanded prime, near-prime, non-prime, bank-statement loan, investment property, and interest-only products.
Deephaven’s IDENTI-FI AUS will use LoanScorecard’s Portfolio Underwriter technology to analyze borrowers’ 1003 and credit reports to instantly determine potential loan options from among Deephaven’s non-agency programs. Originators can run Deephaven’s AUS findings on any loan file for a detailed breakdown of the qualification criteria along with documentation requirements, LoanScorecard said.
“As a leader in the non-QM space, Deephaven embraces innovation that enables us to offer new products through the technology that empowers originators for this underserved market,” said Mike Brenning, Deephaven chief production officer. “LoanScorecard fits perfectly with this approach. We are excited about using their technology to empower originators to diversify into new markets, especially those doing non-QM production for the first time.”
“When we first engaged with Deephaven, it was clear that our goals in the non-QM lending space aligned,” said Ben Wu, executive director of LoanScorecard. “Deephaven is looking to deploy capital to capture more of the growing non-QM market. IDENTI-FI AUS furthers this goal by making technology directly available to originators at their point of sale, to help them pre-qualify borrowers in real time.”