PHH Mortgage Corp., a division of Onity Group, has officially introduced FlexIQ, an innovative collection of non-qualified mortgage (non-QM) products. This strategic move is designed to better support its correspondent lending network and cater to a wider spectrum of borrowers who may not fit traditional mortgage criteria. The launch of FlexIQ, slated for October 20th, signifies PHH Mortgage's commitment to expanding its non-agency portfolio and improving the overall lending experience for its clients and their customers.
FlexIQ offers a comprehensive range of loan options, including full documentation loans for those exceeding conforming loan limits, alternative documentation products for borrowers with non-W-2 income streams, and Debt Service Coverage Ratio (DSCR) loans specifically tailored for real estate investors. Andy Peach, Onity Group's Chief Growth Officer, highlighted that FlexIQ is more than just a product suite; it's a service-first approach that standardizes underwriting across various product types, provides dedicated support, and offers essential training and resources. This ensures a consistent and efficient process for all stakeholders.
Richard Bradfield, also a Chief Growth Officer at Onity Group, explained that FlexIQ is a significant evolution for the company, replacing its earlier Gold, Silver, and Bronze programs. This revamp allows PHH Mortgage to establish proprietary products with investor relationships, giving them greater control over how these products are managed and sold. PHH Mortgage already boasts a substantial presence in the correspondent lending sector, ranking seventh nationally with $9.1 billion in correspondent volume in the first half of the year, marking a 33% increase from the previous year.
The company's correspondent partners span across banks, credit unions, and independent mortgage banks, including major homebuilders with their own in-house mortgage divisions. Bradfield noted that while many partners actively engage with conventional loan programs like Fannie Mae and Freddie Mac, the non-agency space often presents challenges in establishing investor relationships or managing underwriting risks. This is where FlexIQ's non-delegated channel becomes invaluable, appealing to builders of all sizes seeking specialized lending solutions.
A key aspect of FlexIQ's design is its integration of cutting-edge technology, such as artificial intelligence, to refine the non-QM lending process. This technological adoption aims to accelerate decision-making, particularly in underwriting exceptions and income analysis, thereby enhancing efficiency and accuracy. With investors continuing to exert a significant influence on the housing market, accounting for 29% of single-family home sales in June 2025, products like FlexIQ are crucial for meeting diverse market demands.
PHH Mortgage is confident that FlexIQ will be highly competitive in the market, both in terms of pricing and product parameters. The focus on a superior customer experience is anticipated to be a major draw for its correspondent partners, ensuring that the new offerings not only meet but exceed expectations in the dynamic mortgage landscape. This initiative underscores PHH Mortgage's dedication to innovation and its ongoing effort to empower its partners and serve a broader clientele.