A growing wholesale mortgage lender has introduced a new jumbo product that goes outside the Qualified Mortgage box.
Word of the new offering came in a news release Monday from Troy, Mich.-based United Wholesale Mortgage.
UWM is a subsidiary of United Shore Financial Services LLC, which has seen its residential loan originations balloon from just $2 billion in 2011 to more than $10 billion last year.
In today’s announcement, UWM said that the product is available through its “Big & Easy Plus” program, which has been designed for non-QM jumbo loans.
The program allows debt-to-income ratios as high as 49 percent.
Loan amounts range from $417,001 to $1.5 billion.
Qualified borrowers need a minimum credit score of 740.
UWM said that loan-to-value ratios are capped at 75 percent.
Program guidelines are online at its broker portal, the Easiest Application System Ever — or EASE — and on the company’s mobile application.
