New Feature Delivers Customized Loan-Specific Conditions Instantly
Irvine, Calif & Charlotte, N.C., January 29, 2020 - LoanScorecard and Deephaven Mortgage announced today that they have added the Smart Conditions feature to Deephaven’s popular IDENTI-FI Scenario Calculator. The enhancement will deliver customized, loan-specific conditions instantly, based on findings from Deephaven’s IDENTI-FI AUS engine.
Originators use the IDENTI-FI Scenario Calculator to view product and program eligibility scenarios, price loans and obtain detailed AUS findings from directly within the scenario calculator. Now the Smart Conditions feature will also pull loan-specific details, such as bank names for asset verification and liability repayments and dollar amounts for closing costs and reserves, and auto-populate them into the conditions that the originator sees.
“Our partnership with LoanScorecard has enabled us to continually enhance the non-QM point of sale experience for our originators,” said Mike Brenning, Deephaven’s Chief Production Officer. “Today’s announcement is another example of this collaboration. Most AUS engines generate generic, vague conditions that can be misunderstood or misinterpreted, creating confusion, delays and frustration. The new Smart Conditions feature will instantly show originators precisely and clearly what needs to happen in order to get an accurate review of the loan.”
Raj Parekh, LoanScorecard’s Managing Director, said, “As the non-QM market continues to expand and evolve, leaders like Deephaven are differentiating themselves by using technology to continually enhance the client experience that they offer. Adding greater precision and clarity to critical functions, like conditions, will help originators quickly grasp what is required to submit a more complete file, and communicate it more simply to their borrowers.”
LoanScorecard is the leading provider of non-agency automated underwriting, pricing and loan-loss reserve solutions designed to meet today's regulatory challenges and capitalize on market opportunities. LoanScorecard helps institutions address CFPB regulations, compliance and fair lending, and supports banks and credit unions preparing for the upcoming impacts of CECL. For more information, visit loanscorecard.com or call 800-617-0892.
About Deephaven Mortgage
Deephaven is a full service, multi-channel, long-term investor in the Non-QM space. The company was founded in 2012 to help rebuild the non-government mortgage market and provide access to private capital financing to millions of underserved clients throughout the US. Deephaven has purchased over $5.7 billion of Non-QM loans and has completed twelve securitizations totaling over $3.9 billion of sold bonds backed by Non-QM home loans. In 2019 Deephaven was acquired by Pretium, an alternative asset manager with $13 billion in assets under management that specializes in single-family rentals, residential credit, and corporate and structured credit. For more information, please visit www.deephavenmortgage.com.