Newfi, a California-based mortgage lender specializing in non-agency mortgage options, announced Thursday it has launched a correspondent lending channel.
The lender said expanding into correspondent lending will allow it to extend its non-qualified mortgage (Non-QM) products to mortgage bankers nationwide, offering them and their borrowers more flexible financing options.
The company is entering the correspondent channel when other lenders, including Wells Fargo, are cutting back or exiting the space.
“We are proud to now offer Newfi’s proprietary Non-QM products to mortgage bankers,” said Steve Abreu, Newfi CEO & founder. “Our expansion to the correspondent lending channel solidifies Newfi’s commitment to the non-agency space and strength as a lender in today’s marketplace.”
An affiliate of Apollo Global Management, Newfi Correspondent will help mortgage bankers with the benefit of Apollo’s resources and mortgage expertise, Newfi said. "Apollo has a deep understanding of the Non-QM sector, they are steadfast in their commitment to the residential real estate industry, and they can offer us strong capital support to help Newfi mitigate risk and weather market volatility," the company said in a news release.
“We are excited to develop meaningful correspondent lending relationships that help mortgage bankers grow their businesses,” said Dan Bayer, senior vice president of Non-QM Development & Strategy. “Non-QM product offerings are critical to any mortgage bankers’ offerings in today’s market. Newfi is leading the way in terms of innovation and service for these originations.”
Newfi said it can deliver unique loan options for self-employed borrowers, real estate investors, and other borrowers who don’t fit agency guidelines. It will offer its Sequoia Portfolio Non-QM offerings with up to $5 million loan amounts, multiple income types (full doc, bank statement, 1099, asset depletion, and more), and competitive pricing.
It said it will also offer other Non-QM programs and DSCR loan offerings through the new correspondent lending channel.
Newfi seeks to hire experienced Non-QM correspondent account executives to support the expansion into correspondent lending. Anyone interested should contact Dan Bayer at [email protected] for more information.
