In its quest to battle the dehumanization of mortgage underwriting, Impac Mortgage Corp. has expanded it product line of loans that don’t meet Qualified Mortgage standards.
The Newport Beach, California-based wholesale and correspondent residential lender unveiled on Wednesday what it says is the next generation of it non-QM product line.
According to Impac,
the new products will help qualify more borrowers by going beyond underwriting that is “by the numbers only” and delving deeper into applicant’s situations.
Instead of utilizing an underwriting approach that relies on automated underwriting systems and rigid data-driven parameters, the iQM program incorporates realistic consideration of a borrower’s unique situation.
“Over the last seven years, lending has been dehumanized,” Impac Executive Director Bela Donine said in the announcement. “The iQM Series applies intelligent, considerate underwriting, that takes into account human factors and circumstances throughout the underwriting process.”
Donine noted that a comprehensive risk assessment is conducted by combining technology with relevant human expertise to assess the borrower’s likeliness, willingness and ability to repay.
Among four programs included in the iQM product line are loans for borrowers who have multiple properties — including borrowers with
prior foreclosures and bankruptcies.
A second program allows borrowers to utilize bank statements or eligible assets to qualify.
Investors with an unlimited number of financed properties and foreign nationals who lack a credit score and U.S. tax returns make up the other two programs.
