Deephaven Mortgage, a provider of private-capital liquidity for non-QM residential mortgage loans, is using LoanScorecard to help power its new new IDENTI-FI automated underwriting system (AUS).
The new tool will enable lenders offering non-QM loans via Deephaven’s wholesale and correspondent programs to deliver a streamlined digital mortgage process to their borrowers.
Typically, non-QM loans have required extensive manual processing but tech providers are now starting to step up to meet the needs of the non-QM segment. New tools – in particular, automated underwriting and automated income and asset verification – are emerging to facilitate an all-digital mortgage process for non-QM products.
In this case, Deephaven is using LoanScorecard’s Portfolio Underwriter technology to build a non-QM point-of-sale/pre-qualification tool. This new tool analyzes the 1003 and credit report to instantly determine potential options across Deephaven’s non-agency loan programs.
This, in turn, enables originators to place loans that might otherwise not qualify. Originators can run Deephaven’s AUS findings on any loan file for a detailed breakdown of the qualification criteria applied along with documentation requirements.
Deephaven says it is launching this new technology to further help its mortgage professionals serve those borrowers who face challenges securing a traditional government-financed mortgage.
As a leading issuer of non-QM mortgage-backed securities, Deephaven aims to be the top provider of non-agency loans to the origination community, offering expanded prime, near-prime, non-prime, bank statement loan, investment property, and interest-only products.
“As a leader in the non-QM space, Deephaven embraces innovation that enables us to offer new products through technology that empowers originators for this underserved market,” says Mike Brenning, chief production officer for Deephaven Mortgage, in a release. “LoanScorecard fits perfectly with this approach. We are excited about using their technology to empower originators to diversify into new markets, especially those doing non-QM production for the first time.”