Skip to main content

Quontic Debuts Streamline Refinance Product

Phil Hall
Feb 19, 2020
Quontic, a New York City-headquartered digital bank, has introduced its Streamline Refinance mortgage product

Quontic, a New York City-headquartered digital bank, has introduced its Streamline Refinance mortgage product.
 
According to the company, qualified homeowners with a credit score of 660 or higher and a 24-month timely mortgage payment history can use the product to refinance mortgages up to $3 million at up to an 80 percent loan-to-value ratio without needing to provide documented verification or income or assets. For loans up to $400,000, no appraisal is required either. Quontic aims at borrowers who have traditionally been unable to qualify for traditional mortgages, including entrepreneurs, immigrants, Millennials, low-income households and seniors.
 
Qunotic added that iInvestment properties are also eligible for the product at loan-to-value ratios up to 75 percent. Streamline Refinance loan rates start as low as 4.875 percent.
 
"The Dodd-Frank regulations have placed an unnecessary financial burden on non-QM mortgage customers as they typically obtain mortgages at interest rates of anywhere between one percent to four percent higher than conventional mortgage customers," said Steve Schnall, CEO of Quontic. "Many are paying upwards of 7 percent even with today's average rate of 3.78 percent. The mission of our bank is to serve the under-banked and our Streamline Refinance is a powerful tool to reduce interest rates and mortgage payments for existing homeowners who are paying an excessive rate despite a solid payment history."

 
More from
Tech
Efficient Mortgage Processing Is Essential During A Market Downturn

While it can be exciting to ride the wave when the industry is thriving, brokers and loan originators need to consider strategies for long-term success.

Tech
Jun 24, 2021
More Consumers Are Using Mobile Wallets

The use of mobile wallets has increased nearly 50% throughout the pandemic.

Tech
Jun 24, 2021
MAXEX Secures Strategic Investment Thanks To J.P. Morgan

MAXEX announced a secured strategic investment from J.P. Morgan and existing investors.

Tech
Jun 22, 2021
Planet Home Lending's Aneeza Haleem To Appear On The Mortgage Leadership Outlook

Aneeza Haleem, vice president of technology for Planet Home Lending, LLC, will be the next guest on NMPTV's special Tech Stack Heroes edition of the Mortgage Leadership Outlook.

Tech
Jun 22, 2021
Lodasoft Integrates With Black Knight's Optimal Blue PPE

Lodasoft announced its integration with Black Knight’s Optimal Blue PPE to revolutionize loan origination and task automation.

Tech
Jun 21, 2021
FinTech Student Program Provided By UWindsor & Rocket Innovation Studios

University of Windsor partners with Rocket Innovation Studios to foster a pipeline of highly trained professionals who will help advance finance technology.

Tech
Jun 21, 2021