United Wholesale Mortgage (UWM), headquartered in Troy, Michigan, announced it has launched a new program called "Big & Easy Plus," designed for non-QM jumbo loans.
"There are a lot of borrowers that currently do not fit into the QM category," said Mat Ishbia, CEO and president of UWM. "Our Big & Easy Plus program gives UWM clients the flexibility to originate a 'make sense' loan for Jumbo borrowers with higher DTIs, helping expand their pipelines."
The program is intended for borrowers with a debt to income range of 43.01 to 49 percent and loans amounts from $417,001 to $1,500,000. Additionally, the program requires a FICO credit score of 740 plus, and a loan to value ratio as high as 75 percent.
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 UWM's recently rolled out mobile application for Apple and Android Devices.