LoanStream Mortgage (LSM)
has announced that it has launched a Correspondent Lending Channel to further enable the growth and expansion of its Non-Prime Division.
The Irvine, Calif.-based company said the new Channel will complement the Wholesale and Retail Channels that it operates for non-prime business. As part of this endeavor, the company has also released a product called “LoanStream Select” as a credit grade for non-prime products.
“We are taking a very hand's on approach with our seller's,” said Serene Vernon, Chief Operating Officer. “With average loan sizes over $600,000, sellers don't want to risk having un-saleable loans on their warehouse lines. It is very important to train each seller individually, helping them through their first loans with extra time and attention.”