Newfi Lending Launches Portfolio Lending Program
New product line to make homeownership easier in a tight housing market
EMERYVILLE, Calif., March 22, 2018 — Newfi Lending, a technology-enabled residential mortgage lender and portfolio company of Warburg Pincus, today announced that it has launched Sequoia Portfolio 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.
About Newfi Lending
Founded in 2014 by industry veterans, Newfi Lending is a national mortgage lender reshaping the borrowing experience through a combination of proprietary technology and product innovation. Newfi delivers a more efficient and transparent process resulting in lower costs and higher levels of customer satisfaction and trust. For more information, visit www.newfilending.com.
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