Will Fisher, executive vice president of non-QM and jumbo lending at LoanStream Mortgage, offered an interesting way of explaining the difference between the two products to borrowers. As we continue to educate the entire world about who we are lending this private money to, we’ll get there.” With these leads, like all of our others, you can apply several filters such as Loan Amount, Property Type, Credit Rating, State and more. I would, and we do, lend our own money to these borrowers. Lead Snap Marketing started generating non-QM leads in early 2018 with the increasing demand from our mortgage clients and the market. Our average LTV is in the low 70s, our average credit score is in the mid-700s, our average DTI is probably in the mid-30s. John Jeanmonod, regional vice president of sales at Angel Oak Mortgage Solutions, echoed Lind’s sentiments, adding that it all comes down to education: “It’s really about educating the broker world in the loans that are originated today versus what were originated in the mid-2000s. Read more: Putting the subprime ghost to rest There’s a much bigger lens and microscope on what’s going on and looking at due diligence results and having the concept of TPR firms.” Non-QM loan solutions to lending challenges are where we push the EASY button Step Up to Convenience: Whether Non-QM loans or our Prime Jumbo solution, when your borrowers are ready, theyll sail through the loan process Weve got the team and the technology to open every gate and check every box to funding. Long story short: it’s a type of mortgage loan that can make it more possible for certain borrowers to get qualified. But there is today, and the attention to detail from investors buying these loans is much more stringent. What does non-QM loan stand for Non-QM is short for non-qualified mortgage, a type of loan that doesn’t conform to certain eligibility and loan structure standards set out by the federal government. “The majority of those loans were 100 LTV with no equity, and we know there were no guardrails around underwriting, there was no age concept of ATR. “I think institutional investors that we speak to understand the difference between a loan originated today – if you want to call it non-QM or some sense of a private loan versus what was being done in 2008,” he said. Although that still depends on who you’re talking to, said Acra Lending president Keith Lind.
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