The new products address the needs of self-employed borrowers
Redwood Residential, the residential mortgage banking platform of Redwood Trust, has rolled out new expanded product offerings designed for self-employed borrowers.
Through its Choice program, Redwood Residential has launched new loan products that are “uniquely structured” to meet the Consumer Financial Protection Bureau’s qualified mortgage definition, the company said in a release.
“Since the beginning of 2021, over 50 million people have voluntarily left their jobs, and there has been a significant increase in the number of people entering self-employment,” said Carlene Graham, chief operating officer of Redwood Residential. “As interest rates rise, access to homeownership becomes an even bigger challenge, particularly for consumers with strong credit but who do not have traditional salary documentation.”
Redwood said that the move is part of its mission to enable loan originators to offer attractive home loan alternatives to consumers while adhering to its long-standing commitment to quality underwriting standards.
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“Redwood has a long and successful history of innovating and providing residential products that address the evolving needs of homeowners,” said Fred Matera, managing director and head of Redwood Residential. “We are excited about the launch of our latest set of expanded products, some of which leverage business and personal bank statements in the underwriting process while still meeting the QM criteria. We have structured these new products to be uniquely differentiated, competitively priced, and promote enhanced liquidity in the private-label securitization market.”
