IRVINE, Calif., July 6, 2020 /PRNewswire/ -- In a timely
move, LoanStream Mortgage (LSM) has expanded its product offering
to fill the void left by many who have exited the Non-QM
space. When COVID-19 hit, financing for non-agency borrowers
all but dried up. LSM continued to provide financing with a limited
product set.
LSM's CEO Rabi Aziz shared, "We
were one of the first to provide financing back in 2013. We
continue to be committed to the Non-QM space. Things have changed;
that's for sure. The number of loans in forbearance, companies
stuck with old product, and challenges related to warehouse
financing will plague the space for a while. To us, it's more
important than ever to help fill that void."
As of 7/1/2020, LSM has expanded all of its offerings and
brought back many of its original programs. Some of the expanded
programs include LTV's to 85%, DSCR LTV's to 80%, FICO's down to
640, and loan amounts up to $3m.
"This crisis was a virus. It had nothing to do with credit or
performance of the Non-QM products. The government jumped in and
propped up agency products, but left the non-agency space to fend
for itself. We hope by expanding so early after the crisis that
others will follow." said Serene Vernon, LSM's President.
LSM has released the expanded offering through its Wholesale,
Correspondent, and Retail channels. With LSM's proprietary QualOne
AUS system, Brokers and Correspondents can decision a Non-QM loan
just as easy as an agency loan. All loans are underwritten and
decisioned in-house, ensuring the best possible consumer
experience.
About LoanStream Mortgage
LoanStream Mortgage (LSM) is a registered DBA of OCMBC, Inc.,
headquartered in Irvine, CA. LSM
is a privately held diversified mortgage lender specializing in
residential financing through mortgage brokers, bankers, and
through its consumer direct branch network. LSM has been focused on
the residential mortgage lending market for over 30 years. As a
multi-channel lender with a strong foundation of conventional
agency and government products, LSM was one of the market leaders
in non-agency, non-qualified mortgages.
Contact:
LoanStream Mortgage
inquiries@lsmortgage.com
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SOURCE LoanStream Mortgage