Non-QM Opportunity Knocks For The Small Originator
Smaller originators have been given an opportunity by the chaos of COVID-19, says Eric Morgenson, a business development executive at Angel Oak Mortgage Solutions. Morgenson feels that borrowers who may have had trouble qualifying under normal circumstances still want to buy, but their options have been severely limited.
“The borrowers didn’t go away, but the lenders did,” he says. “Eighteen million Americans are self-employed, and self-employed people have all sorts of [tax] benefits. They didn’t go away, but the people offering non-QM loans did.”
In Morgenson’s eyes, that’s where the opportunity lies.