In a press release, A&D Mortgage, a Hollywood, Fla.-based non-qualified (Non-QM) mortgage lender, announced a series of updates to its loan programs aimed at simplifying the mortgage application process and expanding loan accessibility.
The changes eliminate bank statement requirements for certain loans, broaden eligibility criteria for DSCR loans, and tailor prepayment penalty adjustments among other updates. The changes are designed to streamline operations for mortgage brokers while providing more flexible financing solutions for borrowers.
"These program updates are a testament to our unwavering commitment to adapt and evolve in response to the needs of our clients and partners," said Max Slyusarchuk, CEO of A&D Mortgage. "By simplifying the mortgage process and enhancing our product offerings, we are not just keeping pace with the industry—we are setting new standards."
The updates to A&D Mortgage's Non-QM loan programs are effective immediately. More specifics are provided below:
- For Wage Verification of Employment (WVOE) and Profit & Loss (P&L) loans with combined loan-to-value (CLTV) ratios below 65%, the need for bank statements has been eliminated.
- In an expansion of eligibility for DSCR loans, borrowers now only need to have owned a property in the U.S. or any foreign country within the last 36 months.
- Prepayment penalty structures have been adjusted for 1-2 unit properties in Ohio and Vermont, a move designed to boost the competitiveness and appeal of A&D's loan products in those states.
- Adhering to regulatory compliance and market demands, the interest-only option will no longer be available for CEMA loans in New York.
- Significant changes to the ownership of an LLC or Corporation used in a refinance will be treated as a Quit Claim Deed, with a cap at 65% CLTV, ensuring transparency and stability in property transactions.
