![]() Non-QM lending: A small but growing niche In addition to its wholesale and correspondent divisions, Sprout sponsors 60 mortgage loan originators working out of 11 retail branch offices, according to the NMLS. Oaktree’s Regional Director of Correspondent Lending Alex Clark left Sprout Mortgage in April.Īccording to the Nationwide Mortgage Licensing System and Registry, Sprout Mortgage is based in Port Saint Lucie, Florida, and licensed in 46 states and Washington, D.C. Todd Lautzenheiser, the current director of correspondent lending at Oaktree Funding, left a similar role at Sprout Mortgage in March, according to his LinkedIn profile. Theohari Rouskas, vice president of capital markets, posted on LinkedIn that he’d “learned a great deal in my capital markets role at Sprout and am sure I can provide great value to my next team.” ![]() But dozens of Sprout Mortgage employees posted accounts of being laid off on LinkedIn.ĭan Leanna, senior vice president of retail sales, called Wednesday “an emotional day” after being told Sprout would be “closing our doors effective immediately.” ![]() Sprout Mortgage, which also offered prime jumbo loans too big for purchase by Fannie Mae and Freddie Mac, did not immediately respond to Inman’s requests for comment. #Non qm lenders florida professional“Wall Street wasn’t buying up Non-QM loans,” the account executive told the publication.Īnonymous sources who spoke to National Mortgage Professional said Sprout Mortgage was originating $380 million in loans a month and shut down its retail, wholesale and correspondent divisions. But because non-QM mortgages are riskier and don’t provide legal safe harbors for lenders, they can be harder to securitize and sell to investors.Ī former wholesale account executive at Sprout Mortgage told National Mortgage Professional the company was trying to sell $190 million in loans but was able to sell less than half of them. Lenders who make non-Qualified Mortgages can serve a broader set of borrowers - and charge them more. home loans meet federal guidelines for “ Qualified Mortgages,” which prohibit risky loan features like interest-only loans, limit the upfront points and fees lenders can charge and require lenders to verify the borrower’s monthly income and assets. laying off 76 percent of its workforce on June 24 and filing for Chapter 11 bankruptcy protection from creditors six days later. Sprout Mortgage is the second lender providing “non-Qualified Mortgages” to implode in as many weeks, with PIMCO-backed First Guaranty Mortgage Corp. Sprout Mortgage, which claimed to be the largest provider of “non-QM” mortgages in the U.S., shut down without warning Wednesday leaving more than 300 employees out of work and raising questions about the viability of a small but growing corner of the mortgage business that largely serves self-employed borrowers. When the waters get choppy, trust Inman to help you navigate. ![]() Join us in person in Las Vegas at Connect, and utilize your Select subscription for all the information you need to make the right decisions. Whether at our events, or with our daily news coverage and how-to journalism, we’re here to help you build your business, adopt the right tools - and make money. If you're looking to finance real estate anywhere here in the state of Florida, we'd love the opportunity to be your lender.In a shifting real estate market, the guidance and expertise that Inman imparts are never more valuable. Regardless of which loan program you choose, we believe in structuring a personalized lending solution just for you, backed with over 25 years of experience, and delivered with unparalleled customer service from start to finish. #Non qm lenders florida fullWe offer a full spectrum of loan options, both TRADITIONAL ( Conventional, FHA, VA) and UNCONVENTIONAL ( Portfolio loans, Asset Based Loans, Jumbo Loans, Bank Statement Loans, 1099 Programs, Cannabis Home Loans, etc.) ![]() Use our HOMEBUYER PORTAL to drop us a line. Have a question? We love questions! We realize that many of our programs may be unfamiliar, and you shouldn't need to complete a formal loan application just to get a few answers. Each loan program has it's own dedicated resource page, including easy-to-follow educational videos from our YOUTUBE CHANNEL, as well as specific program guidelines and other resources. We believe in empowering homebuyers with knowledge, and we make the process simple.Ĭheck out our loan programs. ![]()
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