Non-QM Near-Miss Program Announcement—July 15, 2021

Subject: Non-QM Near-Miss Program Announcement

Date: July 15, 2021

Attn: All Sellers

We are pleased to announce the rollout of our initial Non-QM Near-Miss Loan program, with a product that maintains our investment quality loan standards combined with meaningful variances to our current Jumbo Mortgage Loan Program.

The loan limit range is from $150,000 to $1.5M and is meant to capture various qualifying opportunities not currently available in our Conforming and Jumbo Mortgage Loan programs. Below are some of the expansions available with this program:

  • Shortened credit derogatory seasoning requirements.
  • 48% Expanded DTI.
  • 6% Interested Party Contribution Allowance.
  • 100% Gift Funds allowable with Loan-to-Values of 70% and lower.
  • Allowable short-term rental income.
  • Allowable simultaneous second liens.
  • Expanded income documentation requirements.
  • Lowered reserve requirements for additional properties owned.

As with most Near-Miss products, the guidelines are very comprehensive; however, with all things new, questions will arise, and we would like to answer those questions. Below is a list of four WebEx training sessions which will be offered in the coming weeks. Please note that additional dates will be added as needed.

July 22nd 11:00-12:00 am PST

July 27th 11:00-12:00 am PST

August 3rd 1:00-2:00 pm PST

August 10th 9:00-10:00 am PST

The Non-QM Guideline document will be available at within the coming days. Should you have any questions related to this announcement, please reach out to Shane Larscheid, Vice President of Sales.

Thank you for your continued business.