Irvine, California-based LoanScorecard, a provider of nonagency automated underwriting systems has expanded its partnership with Deephaven Mortgage to power IDENTI-FI AUS for Deephaven’s correspondent division. LoanScorecard already powers IDENTI-FI AUS for the mortgage lender’s wholesale division.
With this expanded partnership, LoanScorecard’s Portfolio Underwriter technology will power IDENTI-FI AUS, a non-QM point-of-sale/pre-qualification tool, for Deephaven’s correspondent division. IDENTI-FI AUS lets approved correspondent partners run loan scenarios and instantly determine potential options across Deephaven’s non-agency loan programs—allowing them to expand their potential borrower base.
Correspondent lenders can run an AUS findings report on any loan file for a detailed breakdown of Deephaven’s qualification criteria and documentation requirements through this platform.
“We’ve been using LoanScorecard’s technology for the past six months in our wholesale division and have already seen tremendous success helping LOs at the ever important point of sale,” said Mike Brenning, Chief Production Officer at Deephaven. “We’re confident leveraging LoanScorecard’s technology will allow our partners to offer non-QM products that can help them responsibly expand their businesses—and ultimately replicate the success we’ve had in our wholesale division.”
Deephaven Mortgage provides private-capital liquidity for non-Qualified Mortgage (non-QM) loans. The company partners with correspondent lenders who share its vision for rebuilding the non-government mortgage market while providing common sense-driven underwriting decisions centered around a borrower’s ability to repay. Deephaven’s products include expanded-prime, near-prime, non-prime, investor advantage, and foreign national.
“Taking borrowers through the origination process only to encounter they don’t qualify is a reason many correspondent lenders shy away from non-QM products,” said Ben Wu, Executive Director at LoanScorecard. “IDENTI-FI AUS empowers correspondent lenders to offer non-QM products by analyzing loan data against product guidelines and determining fit within seconds.”
LoanScorecard provides non-agency AUS, loan pricing solutions and borrower point-of-sale designed to meet today’s regulatory challenges and capitalize on current market opportunities. The company helps institutions address CFPB regulations through its QM Findings, a qualified mortgage (QM) engine, which has rendered more than five million QM findings reports to-date and supports banks and credit unions preparing for the upcoming impacts of CECL.