Arc Home Correspondent ALERT – EXPANDED Out of State DSCR for Arc Access Non-QM!

Arc Home is excited to announce an expansion to the Out of State Debt Service Coverage Ratio (DSCR) licensing within our Arc Access Non-QM program, effective for loans registered on or after October 27, 2023. The new states now eligible for this origination option are highlighted in the table. This is available to Delegated and Non-Delegated Correspondent Clients who meet Arc Home requirements for the program.

Arc Home will allow Correspondents, and the Loan Officers authorized to represent those Correspondents, to originate DSCR (business purpose) loans for properties located in the Permitted States* without an NMLS license for those states, provided that the Correspondent and Loan Officer are currently approved and active in at least one other state (as reflected in NMLS). For the states identified in the table below, a current Real Estate Broker License must be validated and approved by Arc Home for the representative Agent originating DSCR loans on properties located in those states.

Important Notes

·         Prior to submitting a DSCR loan for properties located in the states that require Real Estate Broker License validation and approval, partner with your Arc Home Account Executive to update your licensing on file.

·         Correspondents and representative Loan Officers must have an NMLS license to originate DSCR transactions in all other states not listed in the table.

·         If you are not yet approved by Arc Home for Non-QM business, partner with your Arc Home Account Executive to update your available programs today.

·         The process for submitting DSCR loans to Arc Home via the SPARC portal remains unchanged. Refer to the Correspondent Training page for important SPARC training videos and job aids. As a reminder, the Delegated Correspondent Initial Submission Checklist and Non-Delegated Correspondent Initial Submission Checklist, as applicable, is required.

The revised Arc Access DSCR program matrix will be available on our website soon (HERE). Additionally, the Arc Selling Guide for Access and Elite is available within the SPARC portal (HERE). Please contact your Arc Home Account Executive with any questions.