Angel Oak’s Tom Hutchens, executive vice president of production, was published in National Mortgage Professional Magazine with a great article on why non-QM can be very helpful in this challenging market we face today. He makes an excellent point that originators cannot count on a buyer refinancing a few years after purchasing a home for repeat business. Rising interest rates are just not allowing that to happen presently. As well, there are people who are ready to buy but believe they will not qualify for a loan so they continue to rent.
Originators do not have to sit back and wait for a change in the market. Non-QM can make a difference now! Change the conversation and be a resource to products that can help the self-employed or those who lost a home to foreclosure but are ready to buy again.
An excellent example in the article is a real-life story about a borrower named Andrew. He bought a home with an Angel Oak product and less than two years later qualified for an agency loan and refinanced. What a great win for Andrew. How did the loan officer fare? Read the article and find out!