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In early August, Verus Mortgage Capital decided to re-enter the non-QM lending space. Since then, the company has introduced a number of new products to help serve what it considers to be an underserved market of borrowers.
In the Nov. 30 edition of Rob Chrisman's Daily Mortgage News and commentary, the company doubled down on its confidence in the non-QM space moving into 2021 and announced new program enhancements that are coming soon.
“As 2020 comes to a close, Verus Mortgage Capital is taking time to reflect on how challenging this past year was. While the pandemic’s impact was far-reaching, we’re grateful to have been able to re-enter the non-QM market and once again answer the needs of underserved, creditworthy borrowers," according to commentary in the Chrisman report.
"We’re optimistic about 2021 and the increasingly hot purchase market. New program enhancements go into effect on Dec. 7 including Prime Ascent LTVs increased to 90% for 1- year document type and rate term. Credit Ascent loan amounts increased to $3 million, purchase rate and term increased to 90%. Now allowing 50% flat ratio for business bank statements and removed cash-out restriction in Florida and increased max cash-out to $500k for Foreign National."