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Deephaven Mortgage launched a portfolio of new products with "highly favorable" loan-to-value ratio and FICO combinations, in hopes to give more mortgage brokers a head start on the spring homebuying season, according to a press release.
The company believes that the Spring Slam products will expand the Non-QM market, giving a wider range of borrowers the opportunity to qualify for a Non-QM mortgage. This is especially important as the company points out that S&P Global expects Non-QM issuance volume to increase to close to $25 billion in 2021.
"The upcoming homebuying season promises to be one of the toughest on record because of tight inventories and price appreciation, and highly qualified purchasers who don’t meet government thresholds will be scrambling to participate. This expands opportunities for brokers to grow their Non-QM borrower base quickly," said Jeff Burrus, senior vice president, Wholesale Sales and Operations, Deephaven Mortgage.
For example, Deephaven will back mortgages for borrowers based on these ratios:
90% LTVs and FICO Scores to 660 for home purchases, as well as rate-and-term refinancing for primary homes
80% LTVs on a cash-out primary home down to a 680 FICO
85% LTVs on a purchase or rate-and-term, down to a 700 FICO
80% LTVs on a purchase or rate-and-term, down to a 640 FICO
- DSCR (Debt Service Coverage Ratio):
80% LTV on a purchase or rate-and-term, down to a 700 FICO
70% LTV on a purchase or rate-and-term, down to a 660 FICO
To prepare for the anticipated demand for these products, Deephaven is hiring a wide range of wholesale mortgage positions.