Why Non-QM Is Essential To EVERYONE!
When we say non-QM is important for everyone we are talking about originators, investors, Realtors, borrowers and anyone concerned about a healthy, thriving mortgage industry. Basically everyone.
Without non-QM the following people could be shut-out of getting a mortgage….period
Self-employed Borrowers | Business Owners | Retirees
Gig Workers | Contract Workers | 1099 Earners | Real Estate Investors
Borrowers With Past Credit Challenges
Those people represent millions and millions of borrowers. Imagine what would happen to the housing market and the overall mortgage industry ecosystem if millions of people couldn’t get a home loan. We work with many originators everyday closing loans for each underserved borrowers listed above. They are credit-worthy borrowers who meet specific requirements showing they are able to pay back their loan satisfying the ability-to-repay rule (ATR).
Non-QM products are good, solid performing loans that will always be in demand – because the market they serve will always be around. S&P Global released a report that non-QM loan volume in 2021 will reach an estimated $45 billion. There are other reports out there that predict close to $50 billion.