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Sprout Streamlines Premier Jumbo Full Doc Program

UnderwritingSprout Mortgage, a nationwide force in non-QM residential lending, announced a further effort to make its Premier Jumbo Full Doc program the simplest prime jumbo program in the mortgage industry.

Starting March 18 and available for jumbo residential applications loans begun anytime in March, Sprout’s new Automated Underwriting System Express (AUS Express) feature will provide a streamlined employment and income documentation approach for its Premier Jumbo Full Doc Program.

AUS Express eliminates tedious and unnecessary Appendix “Q” documentation. This means that for Desktop Underwriter (DU) recommendations marked “Approved/Ineligible” because of a loan amount exceeding agency limits, the new Sprout AUS Express can approve the financing with employment and income documentation that follows established guidelines from the Federal National Mortgage Association (Fannie Mae), along with Sprout’s LTV, reserve, and appraisal requirements.

“This is a big step forward for mortgage professionals to provide home buyers with fast, streamlined access to increasingly popular jumbo loans,” said Shea Pallante, Sprout Mortgage President and Chief Production Officer. “With no DTI overlay, the AUS Express feature allows for the full DU recommended DTI–up to 50%.”

Sprout's loan programs are accessible through many widely used mortgage product and pricing engines including Optimal Blue, Loan Sifter, EPPS LoanNEX and Mortech. Full details are available to mortgage professionals through the Sprout Client Portal, while Sprout's easy-to-use iQualifi app provides scenario eligibility and pricing.

About Author: David Wharton

David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 15 years of experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at David.Wharton@theMReport.com.
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