Loading, Please Wait...
IRVINE, Calif., April 17, 2019 (GLOBE NEWSWIRE) -- LoanScorecard, the leading provider of non-agency automated underwriting systems, today announced that it has expanded its partnership with Deephaven Mortgage to power IDENTI-FI AUS™ for Deephaven’s Correspondent Division. LoanScorecard already powers IDENTI-FI AUS for Deephaven’s Wholesale Division.
Deephaven Mortgage is a premier provider of private-capital liquidity for non-Qualified Mortgage (non-QM) loans. The company partners with correspondent lenders who share its vision for rebuilding the non-government mortgage market while providing common sense-driven underwriting decisions centered around a borrower’s ability to repay. Deephaven’s products include expanded-prime, near-prime, non-prime, investor advantage, and foreign national.
With this expanded partnership, LoanScorecard’s PortfoIio Underwriter™ technology powers IDENTI-FI AUS, a non-QM point-of-sale/pre-qualification tool, for Deephaven’s Correspondent Division. IDENTI-FI AUS lets approved correspondent partners run loan scenarios and instantly determine potential options across Deephaven’s non-agency loan programs—allowing them to expand their potential borrower base. Correspondent lenders can run an AUS findings report on any loan file for a detailed breakdown of Deephaven’s qualification criteria and documentation requirements.
“We’ve been using LoanScorecard’s technology for the past six months in our Wholesale division and have already seen tremendous success helping LO’s at the ever important point of sale,” said Mike Brenning, Deephaven’s Chief Production Officer. “We’re confident leveraging LoanScorecard’s technology will allow our partners to offer non-QM products that can help them responsibly expand their businesses—and ultimately replicate the success we’ve had in our Wholesale division.”
“Taking borrowers through the origination process only to encounter they don’t qualify is a reason many correspondent lenders shy away from non-QM products,” said Ben Wu, LoanScorecard’s Executive Director. “IDENTI-FI AUS empowers correspondent lenders to offer non-QM products by analyzing loan data against product guidelines and determining fit within seconds.”
Approved Deephaven correspondent partners can access IDENTI-FI AUS through Encompass or Calyx Point via already constructed direct integrations, or via the Web by visiting www.correspondent.identifiaus.com
LoanScorecard is a leading provider of non-agency AUS, loan pricing solutions and borrower point-of-sale designed to meet today's regulatory challenges and capitalize on current market opportunities. LoanScorecard helps institutions address CFPB regulations through its QM Findings™, the industry's first qualified mortgage (QM) engine, which has rendered more than 5 million QM findings reports to-date and supports banks and credit unions preparing for the upcoming impacts of CECL. For more information, visit loanscorecard.com or call 800-617-0892.
Campbell Lewis Communications
About Deephaven Mortgage
Deephaven is a full service, multi-channel, long-term investor in the non-QM space. The company provides access to financing to millions of underserved clients throughout the U.S. Deephaven was founded in 2012 to help rebuild the non-government mortgage market. At that point, mortgage credit had dramatically tightened in response to the housing crisis and millions of credit-worthy borrowers were still locked out of the mortgage market. In 2014 Deephaven was acquired by affiliates of Värde Partners, a $13 billion global investment firm. Deephaven has purchased over $3 billion of non-QM loans from partners since that time. Deephaven has completed eight securitizations totaling over a $2.5 billion of sold bonds backed by non-QM home loans. For more information, please visit www.deephavenmortgage.com.