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Aiming For Faster Closing Of Non-QM Loans

“The next big challenge facing non-QM lenders is to fully automate the underwriting process at origination level, according to Tom Hutchens, the executive vice president of production at Angel Oak Mortgage Solutions.

The mortgage industry veteran and non-QM expert told MPA that current discussions are centering around making the experience of closing a non-QM loan as similar as possible to closing an agency loan.

He said: “It’s a priority for us.” Although the non-QM sector was still “a long-way from automation being a big driver of the process”, Hutchens revealed that Angel Oak was building the necessary technologies to streamline the process, adding that details of the plans would be revealed in the near future.”

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