Point-of-Sale Tool to Simplify Origination and Qualification for Non-QM
IRVINE, September 24, 2018 – LoanScorecardTM, a leading provider of automated underwriting technology, announced today that its technology will power Deephaven Mortgage’s launch of the new IDENTI-FI AUSTM.
Deephaven’s launch of this technology furthers its mission to empower mortgage professionals serving borrowers who face challenges securing a traditional government-financed mortgage. As a leading issuer of non-QM mortgage-backed securities, Deephaven aims to be the top provider of non-agency loans to the origination community, offering expanded prime, near-prime, non-prime, bank statement loan, investment property, and interest-only products.
In order to empower originators at the point of sale, Deephaven is introducing IDENTI-FI AUS. This Non-QM point-of-sale/pre-qualification tool leverages LoanScorecard’s Portfolio UnderwriterTM technology. IDENTI-FI AUS will analyze the 1003 and credit report to instantly determine potential options across Deephaven’s non-agency loan programs. This, in turn, enables originators to place loans that might otherwise not qualify. Originators can run Deephaven’s AUS findings on any loan file for a detailed breakdown of the qualification criteria applied along with documentation requirements.
“As a leader in the non-QM space, Deephaven embraces innovation that enables us to offer new products through technology that empowers originators for this underserved market,” said Mike Brenning, Deephaven’s 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.”
Non-QM production has more than doubled this year and LOs are turning to the product in record numbers as the conventional market contracts.
“When we first engaged with Deephaven, it was clear that our goals in the non-QM lending space aligned,” said Ben Wu, LoanScorecard’s Executive Director. “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.”
Originators can access Deephaven’s IDENTI-FI AUS at any time at IdentifiAUS.com.
LoanScorecard is a leading provider of non-agency AUS, loan pricing solutions and borrower point-of-sale designed to meet today's regulatory challenges and capitalize on current market opportunities. LoanScorecard helps institutions address CFPB regulations through its QM Findings, the industry's first qualified mortgage (QM) engine, which has rendered more than 5 million QM findings reports to-date and supports banks and credit unions preparing for the upcoming impacts of CECL.
For more information, visit loanscorecard.com or call 800-617-0892.
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