The PennyMac Correspondent Group is launching a new suite of non-qualified mortgage (non-QM) products on September 22.
These products will expand access to flexible financing for borrowers who do not meet traditional agency criteria, the lender says in a release.
The new offering includes four product types:
Debt Service Coverage Ratio (DSCR): A product for real estate investors that qualifies a loan based on the property’s cash flow rather than the borrower’s personal income.
A+, A, A-: The products are designed for creditworthy borrowers who have non-traditional income profiles such as self employed professionals or entrepreneurs.
Each is designed to serve self-employed professionals, entrepreneurs, real estate investors, and other creditworthy borrowers with non-traditional income profiles.
“Our non-QM offerings are about unlocking opportunities for our Pennymac Correspondent clients and the borrowers they serve,” says Alex Boand, chief correspondent production officer at PennyMac Correspondent Group. “The non-QM space continues to grow, and we’re excited to offer a competitive, high-quality product line to meet demand among our clients.”
“These solutions are built to meet the real needs of today’s diverse borrower base,” adds Nick Pabarcus, managing director and non-QM sales leader at PennyMac. “Whether someone is a self-employed professional using bank statements or an investor relying on Debt Service Coverage Ratio, our non-QM suite provides flexible, well-structured options.”