"FlexIQ is our new proprietary product with a service-first approach that includes a single standard for underwriting across multiple product types, a dedicated support desk, and other necessary training, as well as other helpful resources, Andy Peach, Onity Group's chief growth officer, said in a statement. We anticipate that FlexIQ will serve as a cornerstone in expanding our non-agency product offerings to help our clients grow their business."
"Chief growth officer Richard Bradfield told HousingWire in an interview that FlexIQ isn't the company's first foray into the non-QM space. It replaces the Gold, Silver and Bronze programs that were previously offered to correspondents. What we're doing here is really more or less revamping the product and making it more of a proprietary PHH version that we can go ahead and set up with our investor relationships and sell however we want to sell them, Bradfield said."
"PHH already has a massive presence in the correspondent channel through its conventional and government lending programs. Through the first six months of 2025, it ranked No. 7 in the nation with $9.1 billion in correspondent volume, according to Inside Mortgage Finance. That figure was up 33% from the same period last year. Bradford noted that the company's correspondent partners include banks, credit unions and independent mortgage banks. PHH also works directly with homebuilders, including the largest companies with in-house mortgage divisions. They might be actively selling to Fannie and Freddie themselves, but in the nonagency space, quite often, they're not really looking to set up investor relationships with larger entities, insurance companies and so on, or they're not willing to take on the underwriting risk themselves. That's where the nondelegated channel comes into play. So, really, it's builders of all sizes that we're eager to work with."
FlexIQ is a proprietary, service-first product that standardizes underwriting across multiple product types and provides a dedicated support desk, training, and other resources. FlexIQ replaces PHH's previous Gold, Silver and Bronze correspondent programs and creates a proprietary PHH nonagency product that can be positioned through investor relationships and sold flexibly. PHH held the No. 7 national ranking in correspondent volume through the first six months of 2025 with $9.1 billion, up 33% year-over-year. PHH's correspondent partners include banks, credit unions, independent mortgage banks, and homebuilders with in-house mortgage divisions. The nondelegated channel targets builders that prefer not to assume investor or underwriting risk.
Read at www.housingwire.com
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