The product suite contains a number of mortgage choices meant to supply extra versatile qualification requirements.
Among the many choices is a debt service protection ratio (DSCR) mortgage designed for real estate investors, which qualifies debtors primarily based on a property’s money move moderately than private earnings.
The lineup additionally features a full documentation choice for debtors with sturdy credit score however nontraditional earnings sources, in addition to financial institution assertion applications that calculates earnings primarily based on deposit averages and expense components as an alternative of tax returns.
Different choices embrace an asset qualifier or asset depletion program that permits debtors to qualify utilizing verified liquid belongings, usually aimed toward retirees or high-net-worth debtors. The suite additionally contains further non-QM applications akin to written verification of employment (WVOE) and 1099 earnings choices.
“Our non-QM merchandise assist companions compete in a difficult market by providing disciplined, well-structured options to conventional financing,” mentioned Nick Pabarcus, managing director and non-QM gross sales chief at PennyMac. “These options are constructed to acknowledge the various methods trendy entrepreneurs construct wealth, offering versatile qualification paths with out compromising on mortgage efficiency.”
PennyMac mentioned the non-QM merchandise at the moment are accessible to accredited third-party origination companions.
