There’s a big misunderstanding as to what non-QM means. Most originators think it means “sub-prime” which isn’t the case at all. In fact, originators that have discovered the true meaning of non-QM are taking it to the bank. Tune in to see what we mean.
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I remember these loans. They’re called “ALT A”.
This is the market that used to be served by traditional ‘hard money’ lenders, who had very few foreclosures during the meltdown. Dodd-Frank put the private money lender out of business (only about 20% left in California). Good borrowers with legacy private money loans are screwed, big time. Now, even with 15 years of perfect payment history, and very low LTVs (sub 40%), they can’t get a loan. They are being forced to sell there homes. Or should I say, protected right out of their homes. I stopped making home loans twelve years ago, and still have a few on the books. Would love to see these borrowers obtain refinances.