Sprout Simplifies Its Premier Jumbo Full Doc Program
Non-QM residential lender Sprout Mortgage revealed that it has simplified its Premier Jumbo Full Doc Program, in hopes to make it the simplest prime jumbo program in the mortgage industry.
Starting March 18 and available for jumbo residential applications loans anytime in March, Sprout's new Automated Underwriting System Express (AUS Express) feature will provide a streamlined employment and income documentation approach for its Premier Jumbo Full Doc Program, according to a press release.
AUS Express eliminates unnecessary Appendix "Q" documentation. This means that for Desktop Underwriter (DU) recommendations marked "Approved/Ineligible" because of a loan amount exceeding agency limits, the new Sprout AUS Express can approve the financing with employment and income documentation that follows established guidelines from the Federal National Mortgage Association ("Fannie Mae"), along with Sprout's LTV, reserve and appraisal requirements.
"With no DTI overlay, the AUS Express feature allows for the full DU recommended DTI – up to 50%," said Shea Pallante, Sprout Mortgage president and chief production officer.
Sprout's loan programs are accessible through many widely used mortgage products and pricing engines including Optimal Blue, Loan Sifter, EPPS LoanNEX and Mortech. Full details are available to mortgage professionals through the Sprout Client Portal, while Sprout's easy-to-use iQualifi app provides scenario eligibility and pricing.
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