Newfi Lending, a technology-enabled residential mortgage lender and portfolio company of Warburg Pincus, has launched Sequoia Porfolio Plus, a new proprietary loan program designed to provide exceptional flexibility for mortgage brokers and their client borrowers.
With Sequoia Portfolio Plus, all underwriting and exceptions are made in-house, giving brokers very fast turnaround on approvals. The company’s objective is to provide “make-sense” decisions when creditworthy borrowers have circumstances that make it difficult to qualify for conventional loans.
“We wanted to create a loan program that combines the best of jumbo and non-traditional borrowing options,” said Newfi Lending CEO Steve Abreu. “With Sequoia Portfolio Plus, we are giving brokers an option to serve more homeowners in a very tight market.”
Product guidelines are expansive, allowing loan amounts up to $2 million and loan-to-value ratios up to 85% for purchase loans. Scenarios and exceptions are handled by a client service desk staffed by program specialists who support same-day decisions.
Newfi Lending currently lends in 9 states: Arizona, California, Colorado, Florida, Oregon, Pennsylvania, New Jersey, Utah, and Washington. The company has received licensing approval for 16 states and plans to operate in over 20 states by the end of 2018.
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.