Market Update

Orphaned Non-QM Loans Moving with Securitizations Back, article by Debtwire

IRVINE, Calif., Aug. 20, 2019 (GLOBE NEWSWIRE) — LoanScorecard®, the lead provider of non-agency automated underwriting systems (AUS) – owned by Calyx (solution provider of Loan Origination Software –  Point), today announced that it has partnered with LoanStream Mortgage (LSM) to power LSM’s pricing and scenario tool, QualONE.

Headquartered in Irvine, Calif., LSM is a privately held, multi-channel mortgage lender licensed in more than 30 states. LSM offers a variety of residential financing solutions, including conventional fixed-rate and adjustable-rate loans; FHA, VA and USDA loans; jumbo mortgages; as well as non-Qualified Mortgage (Non-QM) options through its NanQ ONE Program. The NanQ ONE Program is the first of its kind, offering one simple matrix of LSM’s broad array of Non-QM Residential and Business Purpose loan programs. A leader in the non-QM market, LSM was the first lender to write guidelines replacing costly and time-consuming appraisal desk reviews with the FNMA CU score, which has since been adopted by other non-QM lenders and investors.   

Under this partnership, LSM’s QualONE is powered by LoanScorecard’s product and pricing engine (PPE), Pricer1™, and non-agency AUS, Portfolio Underwriter™. This tool enables brokers and correspondents to run loan scenarios and instantly determine the eligibility for various products across LSM’s NanQ ONE Programs—accelerating the origination process for non-QM loans. QualONE can be accessed on LSM’s website, LSM’s client portal or via the Calyx® Point® loan origination system.

“We’ve established ourselves as a leader in the non-QM space through our innovative non-QM loan products, which we’ve offered since 2013, and having the cutting-edge technology necessary to deliver these products efficiently to third-party originators,” said Serene Vernon, President of LSM. “We considered building proprietary technology but decided against it after thorough review of LoanScorecard and the benefit of its ownership by Calyx, who continues to be a preferred broker loan origination system provider. By leveraging the power of their PPE and AUS in QualONE, we’re confident we’ll be able to reduce origination costs, as well as help our broker and correspondent partners find the right non-QM products for their hard-to-fit borrowers—quickly and confidently. This will also bring us another step closer to fulfilling the vision our CEO/Chairman Rabi Aziz had back in 2013 and dominating the non-prime lending sector, which he was confident would become a large segment of the lending market.”

“Today, many lenders, like LSM, are considering whether to build or buy technology that can automate decisioning for their non-QM products,” said Ben Wu, Executive Director at LoanScorecard. “Often, these lenders choose our technology because, in addition to streamlining the non-QM loan origination process for their broker and correspondent partners, we’re able to offer significant advantages in terms of cost and time to market.”

News Delivered to Your Inbox

hbspt.forms.create({ portalId: "6767745", formId: "e0ec9053-9814-4e36-9a6e-ff66dcd70f19" });

Recent News & Announcements

Market Update, Tuesday March 31st, 2020

Market Update, Tuesday August 4, 2020

Stocks opened lower as more companies post earnings amid low expectations due to the coronavirus pandemic. Over 75% of S&P 500 companies have now reported second quarter earnings with durable goods makers leading the index lower.

Read More »
Market Update, Monday March 30,2020

Market Update, Monday August 3, 2020

Stocks opened higher at the U.S. reported it lowest number of new infections in nearly four weeks. A total of 47,000 new coronavirus cases were reported after record numbers of infections were recorded during the month of July.

Read More »

Market Update, Friday July 31, 2020

Stocks edged higher following positive results from the largest tech companies’ quarterly earnings reports. Shares in Apple, Facebook and Amazon were up pre-market as reports indicate that the three companies posted better than expected sales during the last three months.

Read More »
Go to Top