PHH Introduces New Non-QM Product Suite

PHH Mortgage, a subsidiary of Onity Group Inc., has announced the launch of a new suite of proprietary non-qualified mortgage (Non-QM) products dubbed FlexIQ, available through the company’s Correspondent Lending Channel for delegated and non-delegated loans.

FlexIQ will replace PHH’s previously offered Gold/Silver/Bronze Non-QM programs.

“We designed FlexIQ with our clients’ needs in mind, offering them an easier, streamlined process and a flexible product suite to meet the growing demand for Non-QM products,” said Rich Bradfield, executive vice president and chief growth officer of Onity Group. “We are excited to launch FlexIQ, which underscores our commitment to being a trusted partner by continuing to provide value-added products to our clients and the customers they serve.”

FlexIQ offers flexible underwriting and intelligent mortgage solutions in the following three product categories:

• Full Documentation (Full Doc): Designed for borrowers who are seeking loan limits above traditional agency standards.
• Alternative Documentation (Alt Doc): Designed for non-traditional income profiles for borrowers who require alternative methods to document their income.
• Debt Service Coverage Ratio (DSCR): Designed for real estate investors seeking to qualify based on rental income compared to monthly housing expenses.

"FlexIQ is our new proprietary product with a service-first approach that includes a single standard for underwriting across multiple product types, a dedicated support desk, and necessary training, as well as other helpful resources,” said Andy Peach, executive vice president and chief lending officer with Onity Group. “We anticipate that FlexIQ will serve as a cornerstone in expanding our non-agency product offerings to help our clients grow their business."