PHH Mortgage Unveils Innovative FlexIQ Non-QM Product Suite
PHH Mortgage Introduces FlexIQ Non-QM Product Suite
PHH Mortgage, a major player in the non-bank mortgage industry, has exciting news to share! The company is gearing up to launch a new proprietary suite of non-qualified mortgage (non-QM) products known as FlexIQ. This initiative is set to enhance customer experiences by providing flexible options tailored to meet the diverse needs of borrowers.
Understanding FlexIQ
FlexIQ is designed with the customer in mind, making the mortgage application process smoother and more adaptable to various circumstances. Rich Bradfield, Executive Vice President and Chief Growth Officer, expressed optimism about FlexIQ, stating, "We created this product to support our clients better and respond to the increasing demand for non-QM solutions." With FlexIQ, PHH Mortgage showcases its commitment to innovation and responsiveness in the mortgage sector.
The Features of FlexIQ
FlexIQ stands out with its well-structured approach, integrating multiple product types under a single, streamlined underwriting standard that benefits all stakeholders. Andy Peach, Executive Vice President and Chief Lending Officer, commented on the supportive ecosystem surrounding FlexIQ, which includes a dedicated support desk and comprehensive training resources. These features position FlexIQ as an essential tool for clients looking to expand their business.
Categories within FlexIQ
The FlexIQ suite comprises three key product categories designed to cater to various financial scenarios:
1. Full Documentation (Full Doc)
This option is tailored for borrowers seeking loan amounts that exceed conventional lending limits. It addresses the needs of users requiring substantial financial backing without the constraints typically imposed by standard requirements.
2. Alternative Documentation (Alt Doc)
FlexIQ offers alternative documentation solutions for clients with non-traditional income profiles. This is particularly beneficial for individuals who find it challenging to meet conventional income verification methods, thus widening their opportunities for loan acquisition.
3. Debt Service Coverage Ratio (DSCR)
This product targets real estate investors who need to qualify for loans based on the income generated from rental properties. By assessing the rental income against housing expenses, this option provides more flexibility for investment-focused borrowers.
Transitioning from Previous Programs
With the launch of FlexIQ, PHH Mortgage will phase out its prior Gold/Silver/Bronze non-QM programs. This transition reflects the company’s dedication to evolving its product offerings in line with market demands and maintaining a competitive edge in the mortgage industry.
About PHH Mortgage and Onity Group
PHH Mortgage is a subsidiary of Onity Group Inc., a significant player in the non-bank financial services sector. With a focus on building robust mortgage servicing and origination solutions through brands like Liberty Reverse Mortgage, PHH Mortgage has established itself as one of the nation’s largest servicers since its inception in 1988. The company’s headquarters are in West Palm Beach, Florida, employing staff across the United States and internationally.
Contact Information
For inquiries about the new FlexIQ product or other PHH Mortgage offerings, please reach out to Dico Akseraylian, SVP of Corporate Communications at (856) 917-0066 or via email at mediarelations@onitygroup.com.
Frequently Asked Questions
What is the FlexIQ product suite?
The FlexIQ product suite by PHH Mortgage offers innovative non-QM solutions designed to accommodate diverse borrower needs and streamline the lending process.
What are the key features of FlexIQ?
FlexIQ provides flexible underwriting options, a unified standard for different product types, dedicated support, and training resources aimed at enhancing client experience.
Who can benefit from the full documentation option?
This option is ideal for borrowers seeking substantial loan amounts that exceed conventional lending limits, providing them with greater financial flexibility.
How does the alternative documentation option work?
The alternative documentation (Alt Doc) category is designed for borrowers with non-traditional income sources, allowing them to document income using flexible methods.
What is the goal of the Debt Service Coverage Ratio product?
The DSCR product is tailored for real estate investors, enabling them to qualify loans based on rental income, balancing expenses more effectively for investment purposes.
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