PHH Mortgage, a subsidiary of Onity Group Inc. (NYSE: ONIT), is rolling out a suite of proprietary non-qualified mortgage (non-QM) products known as FlexIQ.
The product suite will be available starting Oct. 20 through its correspondent lending channel for delegated and non-delegated loans. The products will include full documentation loans for borrowers seeking loan limits above traditional Agency standards; alternative documentation loans designed for non-traditional income profiles for borrowers who require alternative methods to document their income; and a debt service coverage ratio product for real estate investors seeking to qualify based on rental income compared to monthly housing expenses.
FlexIQ will replace PHH’s previously offered Gold/Silver/Bronze non-QM programs.
“We designed FlexIQ with our clients’ needs in mind, offering them an easier, streamlined process and a flexible product suite to meet the growing demand for non-QM products,” said Rich Bradfield, executive vice president and chief growth officer at West Palm Beach, Florida-based PHH Mortgage. “We are excited to launch FlexIQ, which underscores our commitment to being a trusted partner by continuing to provide value-added products to our clients and the customers they serve.”
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