Sprout Mortgage [1] has announced the resumption of its Correspondent Lending operations.
“We’re excited to once again offer a complete array of non-QM home finance solutions to our Correspondent clients” said Michael Strauss, President. “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.”
The Correspondent channel will initially feature four comprehensive loan programs to provide solutions for a broad spectrum of borrowers:
- J10—Select Jumbo Full Doc—For income documented with pay stubs and tax returns, up to $4M, maximum 85% LTV
- A10—Select Bank Statement or 1099—For self-employed borrowers, up to $4M, maximum 85% LTV
- A11—Select Asset Optimizer—For high net-worth borrowers, up to $4M, maximum 80% LTV
- I10—Investor Debt Service Coverage—For 1–4 unit investment properties, up to $2.5M, maximum 70% LTV
“Our Select and Inve$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, Sprout’s Chief Production Officer.
The news follows Sprout’s June 16 announcement [2] regarding enhancements to its four non-QM programs which were launched earlier this year. Those enhancements included:
- A new maximum 85% LTV on most loan programs
- Reduced rates across the entire program offering
- Increased maximum Loan Amounts at lower Loan-to-Value levels on the Select program series
Sprout's loan programs are accessible through many widely used mortgage product and pricing engines including Optimal Blue, Loan Sifter, EPPS LoanNex and Mortech, while Sprout's easy-to-use iQualifi app provides scenario eligibility and pricing. Full details are available through the Sprout Client Portal, or from https://www.sproutmortgage.com/our-loan-programs. [3]