The Letter X – Issue #29
Shift your business towards the future with non-QM
Mortgage rates have hit their lowest level on record during the coronavirus downturn, spurring a refinancing boom and providing a slew of new business for originators. In a post-refi, 2021 purchase market world, we expect demand will continue for non-QM brokers. Why? Because the pool of non-QM borrowers is expanding as more people buy homes or experience a negative credit event due to the COVID-19 pandemic.
There will be more borrowers in need of non-QM options. Non-QM brokers who start marketing and promoting their business now will be in a better position for business growth after the refi boom.
More gig economy workers will need your help
The pandemic not only impacted individuals’ credit scores, it also provoked massive layoffs across industries. More and more people are entering the gig economy workforce or starting out on their own as a business owner. This means more people will need access to programs like a bank statement or 1099 program that you can provide.
More property investors will take advantage of the market environment
At the same time, investors will continue to search for attractive investment properties at a time when more individuals are leaving the city or seeking out bigger spaces but still open to renting, the demand for investor loan products will also likely rise.
Given the shifting mortgage landscape, now is the time to focus on non-QM to help your business continue to boom in the aftermath. We are here to help if need be!