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IMPAC Mortgage Corporation has announced its next generation non-QM product series, the iQM Series, a full suite of loan products that incorporates realistic consideration of a borrower's unique situation, rather than a “by the numbers only” underwriting approach where borrowers qualify through AU engines based on rigid data-driven parameters.
"Over the last seven years, lending has been dehumanized. The iQM Series applies intelligent, considerate underwriting, that takes into account human factors and circumstances throughout the underwriting process," said Bela Donine, executive director, channel development for IMPAC. "With these programs, we conduct a comprehensive risk assessment by combining innovative technology with relevant human expertise to assess the borrower's likeliness, willingness, and ability to repay, thus expanding the pool of borrowers that can qualify."
The iQM Series includes four programs: Agency Plus, for borrowers with multiple properties, including those with prior foreclosure and bankruptcy; Alt Doc, for borrowers using bank statements or eligible assets to qualify; Investor, for established investors allowing an unlimited number of financed investment properties; and Foreign National, for non-U.S. citizens that lack a FICO score or U.S. tax returns.
The iQM programs, which evolved from the company's AltQM product line, provide a straightforward origination process, and incorporate expanded loan parameters and simplified guidelines to assist originators expand their market base. The programs will be available to wholesale and correspondent clients.