LoanStream Mortgage (LSM) has effectively streamlined its non-prime (Non-QM) offering, into a single loan program. With the release of the “One Program” and the “One Rate Sheet”, Broker’s and Non-Delegated Correspondents can now quickly and efficiently qualify their borrowers. The new simple program has risk-based adjustments that just make a lot of sense. “Brokers and smaller mortgage bankers are trying to learn these products. When they go to their wholesaler, they get several matrices and rate sheets. It’s tough to cut through the clutter and find out where their borrower qualifies or if they will get a better rate in one program or another. Our new ‘One Program’ solves that issue,” said Rabi Aziz, the company’s CEO. LSM is also building an internal and external AUS that will be ready for its Underwriters and Brokers in June.
Now a veteran in the non-prime space, LSM has been serving its partners with this product line for over 5 years. Along with the release of the “One Program” were a strong set of guideline enhancements. Amongst the many, some highlights include: New Asset Qualifier Income Program, 1099 Income Program, Business Purpose Qualification Enhancements, Credit Score for Primary Wage Earner, new Business Bank Statement Expense Ratio Option, ITIN’s to 85%, Financing for DACA Borrowers, Cash Out for Reserves and many others.
LSM’s President Serene Vernon shared in a statement, “We have a dedicated team reviewing internal and external data sources daily, to ensure our product offering is consistently innovative while protecting each borrower it finances by ensuring their ability to repay. Looking at March 2018 compared with March 2019, our non-prime fundings are up 300%. We are grateful to our partners for their business and are looking at every way to streamline the process.”