It wants to simplify its prime jumbo program and widen access to increasingly popular jumbo loans
Non-QM lender Sprout Mortgage has announced the streamlining of access to its jumbo residential loans through its new Automated Underwriting System Express (AUS Express) feature, effective March 18.
The company said Tuesday that the AUS Express will remove unnecessary Appendix “Q” documentation to accelerate the employment and income documentation process for loan applications under its Premier Jumbo Full Doc Program.
Eliminating the tedious documentation means that Sprout AUS Express can approve Fannie Mae’s Desktop Underwriter (DU) recommendations tagged as “Approved/Ineligible.” These loans must have employment and income documentation in compliance with Fannie’s guidelines and Sprout’s LTV, reserve, and appraisal requirements.
“This is a big step forward for mortgage professionals to provide home buyers with fast, streamlined access to increasingly popular jumbo loans,” said Shea Pallante, president and chief production officer of Sprout Mortgage. “With no DTI overlay, the AUS Express feature allows for the full DU recommended DTI – up to 50%.”
Read more: CFPB calls for delay in mandatory compliance date for general QM rule (mpamag.com)
Last year, the firm made a few enhancements to its non-QM programs to provide additional home loan options to non-qualified but credit-worthy borrowers.
Sprout’s loan programs are available via several mortgage product and pricing engines, including Optimal Blue, Loan Sifter, EPPS LoanNEX, and Mortech.
