Some industry watchers are skeptical of United Wholesale Mortgage's new 0% down payment product. 

A recent media analysis called the mortgage a "red flag" akin to the risky home loans which caused the Great Financial Crisis. The 0% down mortgage was developed under federal underwriting guidelines much stricter than two decades ago, company executives said.

"This is not like how it was done back in the 2000s," said Alex Elezaj, senior vice president and chief strategy officer at UWM. "The people who'll say they're experts and talk about that just simply don't know what they're talking about."

Borrowers qualifying for 0% down receive a 3% down payment second lien worth up to $15,000. The lien has no monthly payment requirement, and must be paid when the first lien is refinanced or amortized. 

Borrowers must meet Freddie Mac HomeOne or Home Possible guidelines, and loan-to-value ratios must be between 95% and 97%. Customers who haven't had an ownership interest in a home in the past three years must have a 700 FICO score. Other buyers must have an Area Median Income at or below 80%, and at least a 620 FICO score. 

Those with incomes at or below 50% of their AMI will also receive a $2,500 credit. Customer interest has been "fantastic", said Elezaj. The company however is not disclosing application statistics, how interest has fared compared to its existing 1% down product, or how much money UWM has set aside to cover costs to originate the product. 

National Mortgage News asked Elezaj about the product and concerns surrounding it. 

The following interview has been edited for length and clarity.