"Through UHM Platinum, investors will have access to products that include bank-statement loans and debt-service-coverage ratio (DSCR) loans as well as qualified mortgage options such as jumbo and non-owner-occupied loans. UHM said it plans to continue expanding its non-QM product suite in the coming months to meet changing market demand. Union Home has enjoyed significant growth to our non-QM business, CEO Bill Cosgrove said in a statement."
"We're part of a larger trend in the mortgage industry as the non-QM space is growing as a whole. The introduction of UHM Platinum comes about a month after the Ohio-based lender acquired the assets of California-based Sierra Pacific Mortgage. According to Modex data at the time of the announcement, UHM had produced about $5.5 billion in mortgages during the prior 12 months."
"About 60% of its volume was concentrated in conventional loans. Sierra Pacific's $1 billion in originations during the same period were similarly weighted toward conventional mortgages."
Union Home Mortgage launched UHM Platinum to give investors access to bank-statement loans, debt-service-coverage ratio (DSCR) loans, and qualified mortgage options including jumbo and non-owner-occupied loans. UHM plans to expand its non-QM product suite in the coming months to address changing market demand. CEO Bill Cosgrove noted significant growth in the company's non-QM business and cited a broader industry trend of expanding non-QM activity. The UHM Platinum launch followed Union Home's acquisition of Sierra Pacific Mortgage assets. Modex data showed UHM produced about $5.5 billion in the prior 12 months, with roughly 60% in conventional loans; Sierra Pacific produced about $1 billion.
Read at www.housingwire.com
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