United Wholesale Mortgage (UWM) has launched a new program designed for non-qualified mortgage (non-QM) jumbo loans called ‘Big & Easy Plus.’
‘There are a lot of borrowers that currently do not fit into the QM category,’ says Mat Ishbia, CEO and president of UWM, in a release. ‘Our Big & Easy Plus program gives UWM clients the flexibility to originate a "make sense' loan for jumbo borrowers with higher debt-to-income ratios, helping expand their pipelines.’
Program highlights include a debt-to-income range of 43.01% to 49.00%, loan amounts from $417,001 to $1.5 million, 740+ FICOs, and loan-to-value ratios as high as 75%.
UWM's originators can log into its broker portal, EASE (Easiest Application System Ever), to review the full set of guidelines and parameters. The program can also be accessed by the company's recently introduced mobile application for Apple and Android devices.