The company said that the program is designed to provide a more common sense approach to underwriting.
Company president Evan Stone said by replacing some of the traditional conduit overlays with common sense and old fashioned underwriting, we can actually originate higher quality loans to borrowers currently prevented from obtaining mortgage financing.
"We have been testing common sense underwriting in our retail and wholesale divisions, and the performance on these loans has validated our credit criteria. Automated decisioning works for most qualified borrowers, but it doesn’t work for all. Our program fills in this gap," Stone added.
The company has been a retail and wholesale lender since 2006, having closed over $1.5bn dollars in loan volume in 2009 and 2010 combined.
