William Fisher, LoanStream’s executive vice president of non-QM and Jumbo, said he was “super excited” about the product’s return, whose re-launch was thoughtfully paused to assess the secondary appetite versus risk and borrower demand in the wake of the pandemic.
Serene Vernon, LoanStream president, said: “We had a competitive Foreign National program before COVID, and while LoanStream never stopped funding non-QM, we took a conservative approach focusing on core non-QM products. Additionally, we thought it to be wise and more effective to pause and experience the economic stability we have recently seen in the markets here and internationally before the release of this program.”
The premier third-party originator’s footprint continues to grow, offering more than 70 different home loan products in 38 states, headed by its leading proprietary non-QM product, NanQ.
Fisher said LoanStream’s latest product was “more fleshed-out” and innovative compared to programs from rival firms, as it offered more competitive LTV ratios, higher loan amounts, and available property types that allow mortgage brokers to expand their offering to real estate partners and customers.
Borrowers, in some cases, will only be required to provide a passport and credit reference letter, but those clients with a good US credit score will be at an advantage, Fisher pointed out.