United Wholesale Mortgage (UWM), one of the nation’s largest wholesale lenders, announced the launch of its new ‘Big & Easy Plus’ program designed for jumbo loans that don’t fit the Qualified Mortgage (QM) criteria.
According to the company, the program allows for a debt-to-income ratio (DTI) range of 43.01–49 percent; loan amounts ranging from $417,001–$1.5 million; FICO scores of 740 and higher; and loan-to-value ratios as high as 75 percent.
“There are a lot of borrowers that currently do not fit into the QM category,” said Mat Ishbia, president and CEO of Michigan-based UWM. “Our Big & Easy Plus program gives UWM clients the flexibility to originate a ‘make sense’ loan for Jumbo borrowers with higher DTIs, helping expand their pipelines.”
UWM’s originators can log into the company’s broker portal, EASE, or access its recently launched mobile app to review the full set of guidelines and parameters.