Arc Home Wholesale ALERT – NEW Out of State DSCR for Arc Access Non-QM!

Arc Home is excited to announce the Out of State Debt Service Coverage Ratio (DSCR) enhancement within our Arc Access Non-QM program, effective for loans registered on or after February 21, 2023.

Arc Home will now allow Brokers, and the Loan Officers authorized to represent those Brokers, to originate DSCR (business purpose) loans for properties located in the Permitted States* without a license, provided that the Broker and Loan Officer are currently approved and active in at least one other state (as reflected in NMLS).

*Permitted States

·         Colorado

·         Connecticut

·         Florida

·         Maryland

·         Texas

·         Virginia

·         Washington

For example, a Broker and representative Loan Officer licensed in California, and approved by Arc Home, may now originate a DSCR loan in Florida (even if they are not licensed in Florida) when the Broker and Loan Officer are currently approved and active in at least one other state (per NMLS).

Important Notes

·         Licensing for all Brokers approved by Arc Home for Non-QM origination, and their respective Loan Officers, has been updated to allow Out of State DSCR loan submissions in the Permitted States*. If you are not yet approved by Arc Home for Non-QM business, partner with your Arc Home Account Executive to update your eligible programs today.

·         The process for submitting DSCR loans to Arc Home via the SPARC portal remains unchanged. Refer to the Wholesale Training page for important SPARC training videos and job aids. As a reminder, a full completed Arc Access NQM Initial Submission Checklist is required.

The Arc Access program matrices are available on the website (HERE). Additionally, the Arc Selling Guide for Access and Elite is available within the SPARC portal (HERE).