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.