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Sun American Mortgage - Reverse Mortgage Lender

Sun American Mortgage is a lender, seller and servicer of the government insured Reverse Mortgage. Over twenty years ago, we closed the first ...

Non-QM lending on the rise with two more lenders expanding their offerings

Now, two more lenders are increasing their presence in the non-QM lending space: NewRez and LoanStream Mortgage .

NewRez, which  recently changed its name  from  New Penn Financial , announced this week that it is expanding its SMART Series, a collection of non-agency loans that provide a variety of options for “highly qualified borrowers.”

NewRez launched the SMART series last year, aiming to provide mortgage financing for borrowers who are “unable to secure traditional financing, those with an isolated derogatory event, bank statement or asset qualifiers, experienced real estate investors, and non-warrantable condominiums .”

And NewRez recently expanded the program.

According to the company, NewRez expanded several of the terms and features of the SMART series, including loan amounts, FICO and loan-to-value combinations.

For example, the company said that its SmartEdge product, which designed for borrowers qualifying with full documentation with non-agency/non-QM features, has expanded the LTV to 95%.

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