Magazine article Mortgage Banking

SouthStar Funding Enhances Simple Score

Magazine article Mortgage Banking

SouthStar Funding Enhances Simple Score

Article excerpt

Atlanta-based SouthStar Funding LLC has developed two new product options to its Simple Score program.

Originally, Simple Score was developed to simplify the qualification process for subprime borrowers by basing credit decisions almost entirely on the borrower's middle credit score. The two enhancements--known as Select Score and Streamline Refi and Purchase--are designed to provide full-document benefits to subprime borrowers, according to Michael Fierman, SouthStar Funding's executive vice president.

"We saw the need to provide more options to borrowers to retain full-doc benefits, so we enhanced our Simple Score product," explained Fierman. "The enhancements allow us to connect to our clients on a more personal level by providing them with flexible options that meet their borrowers' various financial needs."

The first enhancement, Select Score, provides the option to use the higher of two co-borrowers' credit scores for qualification, while allowing the combination of both incomes to meet debt-to-income (DTI) requirements.

Commonly, the higher-score borrower earns the lower income and might be ineligible for full-doc loan approval. …

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