After suspending financing on non-QM in April, Sprout Mortgage has announced that it is resuming the operations of its correspondent lending.
Amid the coronavirus pandemic, many mortgage companies that focused on lending to non-qualified borrowers put their lending operations on hold. But as stay-at-home orders start to relax in some states, non-QM lenders like Sprout Mortgage are slowly coming back to the market.
“We’re excited to once again offer a complete array of non-QM home finance solutions to our correspondent clients,” Sprout Mortgage President Michael Strauss said. “While our loan programs have been re-engineered for today’s markets, our commitment to make non-QM mortgages easy and convenient for our clients remains a top priority for Sprout.”
Sprout’s correspondent channel will initially feature four loan programs, including:
The lender also recently made a few enhancements to its four non-QM programs, such as reducing rates across its entire program offering, as well as increasing maximum loan amounts at lower loan-to-value levels on the Select program series.
“Our Select and Inve$tor programs, a team of experienced account executives, and Sprout’s powerful, easy-to-use technology all combine to let our clients deliver the right mortgage to each of their borrowers,” said Shea Pallante, chief production officer of Sprout Mortgage.