Non-QM Keeps Gaining Traction
Author: Ryan Smith | Date: 9/10
After some tentative first steps to return in the wake of the COVID-19 pandemic, non-QM is charging back to the forefront.
“We’ve found some very serious momentum in the non-QM space and had a breakout August, and it’s looking like September is going to be even stronger,” said Tom Hutchens, executive vice president at Angel Oak Mortgage Solutions. “We had a decent July as we ramped back up, but it was more than double that in August.”
After pausing originations at the outset of the COVID-19 outbreak, many non-QM lenders have dipped their toes back into the market in a limited way in recent months. However, Hutchens said that Angel Oak is confident enough in the return of non-QM that it’s reintroducing many of its pre-pandemic products. Last week, the company reinstated a product for borrowers with credit issues that might prevent them from obtaining an agency loan.