Deephaven Launches Spring Slam Non-QM Products – NMP Skip to main content

Deephaven Launches Spring Slam Non-QM Products

Navi Persaud
Mar 03, 2021
Deephaven Mortgage and LoanScorecard have announced that they have enhanced the functionality of Deephaven’s Scenario Calculator

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:

  • Expanded-Prime:

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

  • Non-Prime:

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.

Pretium Appoints President And CEO Of Deephaven Mortgage

Want more Non-QM news? Click here to subscribe to NMP's Non-QM newsletter.

Mar 03, 2021
Class Action Lawsuit Filed Against Equifax Over Glitch

Complaint stems from errors in credit scores made earlier this year.

Industry News
Aug 08, 2022
Birchwood Credit Services Promotes New Chief Operating Officer

Barrett Elliot has been with national provider of mortgage credit reporting services since 2010.

Industry News
Aug 08, 2022
Redfin 2Q Revenues Up, Profits Down

Company officials said that in the third quarter they expect total revenue between $590 million and $627 million.

Industry News
Aug 05, 2022
Mutual of Omaha Mortgage Announces Wholesale Division

Loans available through its own platform and in partnership with ReadyPrice, LenderPrice, and Loansifter.

Industry News
Aug 05, 2022
MISMO Seeks Public Comment On 3 eMortgage Resources

Updates proposed to MISMO Business Glossary, eMortgage Glossary, and eModification Reference Flyer.

Regulation and Compliance
Aug 05, 2022
Deal With Opendoor Allows Zillow Back Into iBuying Business

As it releases rough 2Q earnings report, Zillow announces partnership with former rival.

Aug 04, 2022