EAST MEADOW, N.Y., March 16, 2021 /PRNewswire/ -- Sprout Mortgage, the leading nationwide force in non-QM residential lending, today announced a further effort to make its Premier Jumbo Full Doc program the simplest prime jumbo program in the mortgage industry.
Starting March 18 and available for jumbo residential applications loans begun anytime in March, Sprout's new Automated Underwriting System Express (AUS Express) feature will provide a streamlined employment and income documentation approach for its Premier Jumbo Full Doc Program.
AUS Express eliminates tedious and unnecessary Appendix "Q" documentation. This means that for Desktop Underwriter (DU) recommendations marked "Approved/Ineligible" because of a loan amount exceeding agency limits, the new Sprout AUS Express can approve the financing with employment and income documentation that follows established guidelines from the Federal National Mortgage Association ("Fannie Mae"), along with Sprout's LTV, reserve and appraisal requirements.
"This is a big step forward for mortgage professionals to provide home buyers with fast, streamlined access to increasingly popular jumbo loans," said Shea Pallante, Sprout Mortgage President and Chief Production Officer. "With no DTI overlay, the AUS Express feature allows for the full DU recommended DTI – up to 50%."
Sprout's loan programs are accessible through many widely used mortgage product and pricing engines including Optimal Blue, Loan Sifter, EPPS LoanNEX and Mortech. Full details are available to mortgage professionals through the Sprout Client Portal, while Sprout's easy-to-use iQualifi app provides scenario eligibility and pricing.
About Sprout Mortgage
Sprout Mortgage is a leading nationwide non-QM lender whose innovative products, powerful technology, and precision underwriting provide tailored lending solutions for residential real estate investors, self-employed borrowers, and those with recent credit events. Sprout provides modern lending solutions to help a broad range of consumers and the brokers and lenders who serve them. For more information, visit www.sproutmortgage.com or call 844-664-6100.