The Letter X – Issue #34
The non-QM industry has rapidly adopted technology this year. 2020 catalyzed what was a gradual trend into an immediate necessity. Players in the non-QM space had a simple choice: adopt technology or risk losing business.
This stark realization has pushed the non-QM industry to create new products and tools driven by technology, including: online pricing and qualification applications, streamlined documentation processes and automatic bank statement review systems. These advancements are not anything brokers haven’t used before. Why does it matter?
2020 is the year non-QM technology grew up. Over the past year, new non-QM technologies have advanced all aspects of the origination process, bridging the gap between itself and the agency space. By launching unique initiatives, originating a non-QM loan is easier than ever before and originators can really start to reap the benefits — especially if you work with the right partner.
Large non-QM players like Angel Oak are using technology to construct experiences that improve customer service and add value to originator’s businesses. These integrations will create more transparency, enable faster customer support, quick closing times and much more.
We expect non-QM lenders will continue to be hyper focused on tech in 2021, revolutionizing the mortgage industry and setting the standard for innovation. Originators who understand the value of mortgage tech and want to be on the forefront of innovation will likely be pleased with the advancements made in 2020 and beyond in the non-QM world.
If you want to learn more about non-QM technology, feel free to reach out.