United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, announced on Wednesday a new product that will qualify borrowers for investment properties based on the monthly rental income, rather than the their current income.

This is the second new non-QM product the Pontiac-based lender has launched this month – the wholesale lender also unveiled a bank statement loan product for self-employed borrowers.

Rising interest rates, already in the mid-4% range, have dramatically slowed refinancings, forcing originators to look toward other products that entice purchase buyers or those with equity in their existing homes.

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