VP of Product

Deephaven Mortgage has been a pioneer and leader in non-QM since our origin in 2012. Our longevity and strength in the non-QM space has allowed a significant number of borrowers to achieve homeownership who otherwise would not have under traditional requirements. Deephaven champions mortgage borrowers whose independence, entrepreneurial drive and determination are often the very reason they cannot qualify for a traditional loan.

We continuously and responsibly innovate new mortgage products and programs that put homeownership within reach of millions of borrowers and investors that need and deserve financing through lending ingenuity that is supported by common-sense underwriting.

Deephaven is comprised of two lending platforms. Our wholesale channel offers loans through a network of over 1,000 independent mortgage brokers. Our correspondent channel buys loans from over 200 correspondent partners.
Deephaven’s headquarters are in Charlotte, North Carolina. To learn more about our innovative loan solutions please visitwww.deephavenmortgage.comor email us atinfo@deephavenmortgage.com .

The VP of Product is responsible for leading Deephaven’s product strategy, innovation, performance analytics, and competitive positioning across Non-QM channels. This role sits within the Capital Markets organization and reports directly to the SVP of Capital Markets, ensuring alignment between capital markets execution, pricing, credit, product innovation, and revenue optimization.

This leader will own the product lifecycle from concept to go-to-market, using market intelligence, investor & origination partner feedback, loan performance analytics, and risk tolerance thresholds to build and refine best-in-class loan programs. The VP of Product partners cross-functionally with Underwriting, Secondary, Pricing, Operations, Sales, Compliance, Marketing, and Executive leadership to drive both innovation and operational execution.

Key Responsibilities

Product Strategy & Innovation

• Lead the strategic development of new Non-QM loan products and enhancements based on capital markets direction, investor appetite, and competitive research.
• Evaluate opportunities for expanding into new segments (e.g., Business Purpose Lending, DSCR, HELOC, bank statement enhancements, portfolio products).
• Interpret investor criteria, market trends, and execution outcomes to design profitable, scalable product features.
• Collaborate with Pricing & Secondary to ensure appropriate rate sheets, LLPAs, eligibility matrices, and guides support optimal market competitiveness and loan sale execution.

Product Governance & Oversight

• Collaborate with Credit / Underwriting on product governance process, including version control, guide updates, approval routing, and stakeholder communication.

• Maintain alignment with risk, compliance, legal, and underwriting to manage overlays, exceptions, and emerging risks.

• Manage investor feedback loops and incorporate performance learnings into product updates as well as communication of product enhancements to various partners.

Capital Markets Alignment

• Partner closely with Secondary & Capital Markets to understand securitization performance, loan sale execution, and investor appetite.

• Analyze pricing impacts, credit risk distribution, and pool performance to optimize product structures.

Cross-Functional Leadership

• Serve as the product SME for Sales, Underwriting, Training, Ops, and Marketing.

• Work with Marketing to build competitive product collateral, AE-facing materials, and market-facing content.

• Deliver product training sessions for internal teams, clients, investors, and industry partners.

• Collaborate with Scenario Desk and Underwriting Leadership to ensure consistent interpretation of guidelines as well as handle scenario escalations that require managerial signoff

Competitive Intelligence & Market Analysis

• Maintain a robust understanding of the Non-QM & other relevant products competitive landscape, including guideline changes, overlays, price movements, and emerging program trends.

• Conduct ongoing benchmarking of product guidelines against peers and investors.

• Provide executive leadership with recommendations to strengthen Deephaven’s product positioning.

Data & Performance Analytics

• Analyze loan production quality, pull-through, and margin impacts across products.

• Track performance by channel, program, credit bucket, and geography to identify opportunities for product expansion or tightening.

• Develop product dashboards and KPIs in partnership with Business Intelligence or FP&A.

Required Experience & Qualifications

• 8–12+ years of mortgage experience, with at least 5+ years specifically in Non-QM or Non-Agency.

• Deep understanding of capital markets, pricing, underwriting, guideline development, and product design.

• Proven experience creating or managing Non-QM loan programs.

• Strong analytical skills, including the ability to interpret investor tapes, securitization data, credit trends, and performance analytics.

• Demonstrated ability to communicate complex loan structures clearly across sales, underwriting, and operations.

• Experience partnering directly with executive leadership and external investors.

• Exceptional writing skills for guideline drafting, product summaries, and market updates.

• Bachelor’s degree required; advanced degree or relevant certifications a plus.

Preferred Qualifications

• Previous experience in a correspondent or wholesale Non-QM environment.

• Prior involvement in securitization or whole loan sale processes.

• Prior involvement / experience in product related roles w/ expertise in bank statement, DSCR, and credit-event product structures.

• Understanding of credentialing and regulatory requirements affecting Non-QM channels (e.g., ATR-QM, TILA, RESPA, SAFE Act).

Key Competencies

• Strategic thinking and business acumen

• Ability to translate capital markets requirements into actionable product design

• Strong collaborator and influencer

• Detail-oriented with excellent organizational skills

• High level of integrity and risk-awareness

• Ability to work in a fast-paced, innovative environment

The compensation band for this role starts at $120,000 per year.

Our Perks

Flexible Time to Recharge – Personalized Time Off for What Matters (because rest isn't one-size fits all)
Future Finance Focused – Generous employer-matched 401(k) plan
Community Connect– Philanthropy Committee that creates charitable initiatives
Health from Day One – Comprehensive health insurance starting on day one of employment
Family Matters – Competitive maternity and paternity leave
Culture & Celebrations – Culture Committee with team-building events and celebrations
Ideas Welcome – Encouraging thought leadership and innovation
Guidance & Growth – Mentorship opportunities for career development
Perk Up – Exclusive discounts on travel, tech, pets, legal, and more

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