Union Home Mortgage (UHM) has launched a new product suite, UHM Platinum, to broaden its loan offerings and increase its presence in the nonqualified mortgage (non-QM) market.
The company said the initiative is part of an effort to strengthen both new and existing relationships with investors and provide greater flexibility in mortgage options.
Through UHM Platinum, investors will have access to products that include bank-statement loans and debt-service-coverage ratio (DSCR) loans — as well as qualified mortgage options such as jumbo and non-owner-occupied loans.
UHM said it plans to continue expanding its non-QM product suite in the coming months to meet changing market demand.
“Union Home has enjoyed significant growth to our non-QM business,” CEO Bill Cosgrove said in a statement. “We’re part of a larger trend in the mortgage industry as the non-QM space is growing as a whole.”
The introduction of UHM Platinum comes about a month after the Ohio-based lender acquired the assets of California-based Sierra Pacific Mortgage.
According to Modex data at the time of the announcement, UHM had produced about $5.5 billion in mortgages during the prior 12 months. About 60% of its volume was concentrated in conventional loans. Sierra Pacific’s $1 billion in originations during the same period were similarly weighted toward conventional mortgages.
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