The National Real Estate Post’s Frank Garay and Angel Oak’s Tom Hutchens, executive vice president of production, recorded a very helpful webinar called “Proven Non-QM Scripts and Strategy”. This particular webinar is different in that it contains actual and recent scenarios of loans that Angel Oak closed. These deals would not have happened if Angel Oak was not called to save the deal. Originators sometimes let these go and have to deliver bad news to borrowers because they are not aware of non-QM options.
Right now prime refinances are very slim and there are inventory issues that hinder volume. Frank Garay at NREP says “The best thing to do is put “tools in the tool box”. The tools in question would be non-QM with Angel Oak.
Originators continually ask what these loans look like. This webinar gives real life examples of situations you have encountered over the years. If you have not been doing non-QM you have been limited. Outside of agency and government guidelines is where we come in to bridge the gap.
Tom shares great examples of loans we have closed over the past few months. One example involves a $1.3MM purchase. The borrower had a foreclosure within the past two years that did not show up on a credit report. When it was realized, the borrower no longer qualified for a conventional loan. They came to Angel Oak knowing we could help this borrower who had proven the ability to repay the loan. Within 21 days from the call we had the loan closed and a very happy homeowner.
The webinar also goes into how we have helped the self-employed borrower. A lot of people can relate to this issue as there are now around 15 million self-employed individuals in the U.S. and growing. Prior to Angel Oak these people couldn’t qualify on Fannie Mae 2 year guidelines. There was not a loan despite assets and great credit. Now Angel Oak can help business owners qualify with our Bank Statement program not based on a tax return or document. Bank statements are a much better indicator of how to repay a loan then a tax code. The IRS and tax code is not the only way to determine ability to repay. Find out how a bank statement was used to determine income and how they qualified for a $750k loan.
Are you losing out on closing deals because borrowers are self-employed, went through foreclosure or a credit event? If so, then watch this webinar and listen to actual scenarios where Angel Oak saved a deal and closed a loan.