PennyMac Financial Services Inc. (NYSE: PFSI) has launched a suite of non-qualified mortgage (Non-QM) products in its third party origination (TPO) division.
According to the Westlake Village, California-based company, the new products are designed to “help TPO partners solve complex borrower scenarios, expand their addressable market, and close more loans.” The suite includes a Debt Service Coverage Ratio (DSCR) product designed for real estate investors, a full documentation product for borrowers with excellent credit but non-traditional income sources, a bank statement programs product offering an alternative to tax returns, and an asset qualifier/depletion product allowing the use of verified liquid assets to qualify.
Additional Non-QM programs include Written Verification of Employment (WVOE) and 1099 options.
“Our Non-QM products help partners compete in a challenging market by offering disciplined, well-structured alternatives to traditional financing,” said Nick Pabarcus, managing director and Non-QM sales leader at Pennymac. “These solutions are built to recognize the diverse ways modern entrepreneurs build wealth, providing flexible qualification paths without compromising on loan performance.”
