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Proliferation of Non-QM Propels Sprout Mortgage to Record Year

NationalMortgageProfessional.com
Jan 27, 2020
Sprout Mortgage enhanced its non-QM offerings to include a new max 85% LTV on most loan programs

Sprout Mortgage announced that it capped a company record-setting 2019 with a best-ever month, closing more than $268 million in loans in December. Total Sprout Mortgage loan volume topped $2.78 billion for the calendar year, up 89 percent from its 2018 yearly figure.
 
“Non-QM mortgages are an increasingly vital and growing part of today’s residential finance landscape as consumers, investors and the professionals who serve them demand flexible, customized and readily accessible capital solutions,” said Michael Strauss, Sprout Mortgage president. “I am proud that Sprout has been able to serve its borrowers while maintaining a strong control environment that consistently produces high-quality loans that are rigorously underwritten.“
 
In 2019, Sprout Mortgage added more than 50 sales professionals; expanded its capital markets and servicing teams; increased underwriting and credit quality staff with more than 50 experienced new hires; and launched its proprietary AUS tool (ACORN) and program qualification and pricing tool (iQualifi).
 
“Non-QM is an important topic throughout the mortgage industry,” said Shea Pallante, executive vice president of Sprout Mortgage. “Sprout is capitalizing on that with our focus on innovative products, quality credit, and excellent client experience. We estimate that we’ve captured more than 10 percent of today’s market and we expect to continue to provide industry leadership in the months and years ahead as the non-QM market grows.”
 
Recently, Sprout Mortgage added to its ranks with the additions of Gregory Walker as chief compliance officer and general counsel, and Ron Krueger as SVP of correspondent lending.

 
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