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NewOak Releases Non-QM Support Services to Assist Originators

NationalMortgageProfessional.com
Jan 23, 2015

NewOak has announced the launch of its new Non-QM Support Services platform. Developed by NewOak’s Credit Services Division, the program provides a range of solutions to address the demands on originators and investors in non-QM products to manage increasing regulatory and enforceability risks. NewOak’s Non-QM Mortgage Support Services provide a range of targeted offerings based on its deep mortgage expertise and scalable technology, including due diligence and quality assurance consulting services, customizable underwriting applications that ensure accurate and defendable data and work flows, and its innovative Mortgage Defense Package, a proprietary electronic repository of all key documentation and decision-support data needed to defend the loan approval.

“NewOak has created a state-of-the-art services support platform that integrates our unmatched skillset in mortgage underwriting, data management and analytics with flexible high-tech functionalities to service the full range of products covered under non-QM,” said Partner Chad Burhance, head of NewOak Credit Services. “The reality is that there is a very large audience of attractive borrowers who are not able to obtain a new mortgage or refinance an existing one. Whether it's the loan amount, blemishes on the borrower’s credit or a change in employment, these factors as well as others can adversely affect borrowers. However, many originators and investors deem these characteristics as both acceptable and desirable risks, but their existing operations are not configured in accordance with many of the new regulations, including the ability-to-repay analysis.”

NewOak’s non-QM platform is dynamic and designed to be tailored specifically to each client’s unique needs. “Some clients are not comfortable with the entire operation being outsourced for these critical functions,” said Burhance. “Our platform allows for integration across points of origination, compliance and risk management workflows. Depending on where a particular client’s needs are, we can integrate a solution to satisfy them.

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