The timing of this webinar could not have been more perfect as we are wrapping up 2018. Looking forward to 2019, every originator should include non-QM as part of their business plans for the new year. Frank Garay with The National Real Estate Post and Tom Hutchens, EVP of productions here at Angel Oak Mortgage Solutions join loan officer Chris Philmon in a webinar on how to earn residual income in the mortgage industry. Chris does a great job of giving a true “from the street” perspective.
Chris says using non-QM has made a difference for his income and livelihood for his family. As well, it’s great to find opportunities where one sale leads to additional income down the line. This is something to keep in mind when January 1st hits and everyone in the mortgage business is back to zero. Once a portfolio deal is closed, set a reminder to touch-base with a client a year down the line. Chris runs a report each month on what is closing and what is left to close. He recommends going back previous years and see who closed January 2017. In his report, he can see what product used to close their loan. If it was non-QM then two years from now the potential exists for them to refinance with a conventional loan. This gives you a chance to be the hero again!
Offer a non-QM loan to someone with a credit event so they can go ahead and get the home they want now and then help them move to a conventional loan at a better rate down the line. It’s great for them and great for your business.
Chris mentioned that 30%-45% of his business is non-QM. That is more than a third folks. Now he has a prospect list already going into 2019 with people who might be ready to refinance. He says, “When you start non-QM you become known for it.” Referral partners know you are that go-to person to help them with unique circumstances. Chris has been very smart positioning himself as the non-QM expert. He is set-up nicely for 2019 with the potential for refinance opportunities and referral partners needing to close every loan they are approached with to grow their business. They know Chris is the non-QM expert who can make that happen for them.
Listen to this webinar for how Chris has made non-QM work him. Chris will take you through one of his actual loan scenarios and his plan to help with a refinance in the future. Other scenarios are included with excellent information on loan types and the borrower circumstance that matched for a quick close and refinance opportunity.