Sprout Mortgage Closes Record December and 2019 as Demand for Quality non-QM Mortgages Soars

Sets Industry Pace with $2.78 Billion 2019 Loan Volume

News provided by

Sprout Mortgage

Jan 27, 2020, 08:00 ET

EAST MEADOW, N.Y., Jan. 27, 2020 /PRNewswire/ -- Sprout Mortgage, the leading nationwide force in non-QM residential lending, today announced that it capped a record-setting 2019 with a best-ever month, closing more than $268 million in loans in December. Total Sprout loan volume topped $2.78 billion for the calendar year, up 89% from the 2018 yearly figure.

"Non-QM mortgages are an increasingly vital and growing part of today's residential finance landscape as consumers, investors, and the professionals who serve them demand flexible, customized, and readily accessible capital solutions," said Michael Strauss, President.  "I am proud that Sprout has been able to serve its borrowers while maintaining a strong control environment that consistently produces high-quality loans that are rigorously underwritten."

Sprout's loan programs and products are designed to provide lenders with a range of solutions to solve a wide variety of borrower needs for home ownership.  Programs include Alternative Qualification, Near-Prime, Super Jumbo, Moderate Credit, and Real Estate Investor loans. 

Sprout Growth

Supporting and enabling this growth, in 2019 Sprout Mortgage:

  • Added more than 50 sales professionals;
  • Expanded its capital markets and servicing teams;
  • Increased underwriting and credit quality staff with more than 50 experienced new hires; and
  • Launched its proprietary AUS tool (ACORN) and program qualification and pricing tool (iQualifi).

"Non-QM is an important topic throughout the mortgage industry," said Shea Pallante, Executive Vice President.  "Sprout is capitalizing on that with our focus on innovative products, quality credit, and excellent client experience.  We estimate that we've captured more than 10% of today's market and we expect to continue to provide industry leadership in the months and years ahead as the non-QM market grows."

About Sprout Mortgage

Sprout Mortgage is a leading nationwide non-QM lender whose innovative products, flexible qualifying criteria, and common-sense underwriting provide tailored lending solutions for residential real estate investors, self-employed borrowers, and those with recent credit events. Sprout provides modern lending solutions to help a broad range of consumers and the brokers and lenders who serve them.  For more information, visit www.sproutmortgage.com or call 844-664-6100.

SOURCE Sprout Mortgage

Related Links

http://www.sproutmortgage.com

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