Newfi Lending's portfolio platform looks to reach underserved
As tight housing inventory continues challenging prospective borrowers, Newfi Lending, a technology-enabled residential mortgage lender, has launched a new portfolio lending platform in an effort to make homeownership more attainable.
Sequoia Portfolio Plus is a loan program intended to provide more flexibility for brokers and their client borrowers by offering the ability to employ "make-sense" decisions for creditworthy borrowers with factors that make qualifying for conventional loans difficult, according to the company.
All underwriting decisions and exceptions will be made in-house through Sequoia Portfolio Plus, which will hasten turnaround times on approvals for brokers.
"We wanted to create a loan program that combines the best of jumbo and nontraditional borrowing options," said Newfi Lending CEO Steve Abreu in a press release. "With Sequoia Portfolio Plus, we are giving brokers an option to serve more homeowners in a very tight market."
The product guidelines for the new lending platform include the allowance of loan limits up to $2 million and loan-to-value ratios up to 85% for purchase loans. Each circumstance and exception will be managed by a client service desk staffed with program specialists who handle same-day decisions.
Newfi lending is a portfolio company of Warburg Pincus currently lending in nine states: Arizona, California, Colorado, Florida, Oregon, Pennsylvania, New Jersey, Utah and Washington. The company obtained licensing approval for 16 states and expects to operate in over 20 states by the end of the year.
In December, Newfi Lending became approved by Fannie Mae as a seller/subservicer and by the Federal Housing Administration as a "Full Eagle" mortgagee.