Now mortgage brokers working with self-employed clients, entrepreneurs, and real estate investors can find the right solutions while sticking with a traditional lender.
Pennymac TPO announced today the launch of a comprehensive suite of non-qualified mortgage (Non-QM) products through its third-party origination (TPO) division.
This gives PennyMac partners powerful new tools to serve borrowers who don’t fit the conventional lending mold.
And comes on the heels of the company’s non-QM correspondent launch about six months earlier.
What’s in PennyMac’s New Non-QM Suite?
Pennymac TPO’s new product lineup covers a broad range of borrower scenarios:
– Debt Service Coverage Ratio (DSCR loans): Designed for real estate investors, this product qualifies borrowers based on a property’s rental cash flow rather than personal income, a big plus for investors with multiple properties.
– Full Documentation: Built for borrowers with excellent credit who have non-traditional income sources, offering a pathway for those who simply don’t fit the typical W-2 mold.
– Bank Statement Programs: Instead of using tax returns, income is calculated using deposit history and expense factors. Ideal for self-employed individuals and business owners whose tax filings don’t reflect their true earning power.
– Asset Qualifier/Depletion: High-net-worth individuals and retirees can use verified liquid assets to qualify, regardless of traditional income documentation requirements.
– Additional Programs: Written Verification of Employment (WVOE) and 1099 options for even greater flexibility.
Pennymac’s new TPO Non-QM products are now live and available to approved partners.