NMP - February 2018 - 8

✒

Brokers Are Bullish on
Non-QM Lending
By Tom Hutchens

S

FEBRUARY 2018 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

8

peaking with leading Brokers, I can confirm that
alternative lending is important to homebuyers
and the marketplace. Not all originators
understand non-QM products and how they
can benefit their overall production. Those who
do understand have found a sure-fire way to
attract new customers.
Most of today's top producing non-QM Brokers were
suspicious and hesitant to offer them. When they decided to
learn about these loans-for creditworthy people who did not
fit in the agency mortgage box-they discovered safe,
credible products that enhanced their ability to compete.
"I simply got tired of saying 'no' to borrowers," said Jeff
Miller, Broker of Record for California's Truss Financial Group.
Miller explained that, after turning away too many potential
customers, he began considering alternative loans. Miller said
the biggest challenge was finding lenders with solid
processes, those who put energy and effort into customer
service.
Miller's enthusiasm, like that of other brokers, was front
and center at Angel Oak's January National Sales Conference
in Orlando. Our Account Executives told me Brokers are
convinced that non-QM is here to stay.
According to Dominic Bologna, Charlotte, N.C., Branch
Manager for New Penn Financial, "This (non-QM lending) is a
great space to be in right now. As word gets out that you can
structure loans that others cannot, you get more
opportunities."
He said the business grows without doing too much
because many people cannot qualify for conventional loans.
"When you offer services that your competitors can't, you
have an advantage," said Bologna.
Brokers tell us they can easily close non-QM loans within
15-30 days when working with credible non-QM lenders.
Once you know what kinds of upfront documentation they
need, closing non-QM loans is straightforward.
"It's absolutely the same," said Carolyn Frey of Mortgage
Lending Solutions with offices in Florida and Ohio. "We gather
the same verifications of income and credit. The sets of
information are different, but once you get everything, take
the application and find the right loan, non-QM loans work
the same as conventional loans."
Top producing non-QM brokers say two approaches are
essential. First, make sure you pay attention to detail upfront.
Because different non-QM loans require specific
documentation, getting the application right is essential.
Second, make sure your lender has a top-notch customer
service team and a record of closing most loans within 30
days.
"Every loan has a story to tell," said Emilio Soli, a Director
at Walton Funding. "The ones by my non-QM loans are
overwhelmingly positive."

Tom Hutchens is Senior Vice President of Sales
and Marketing at Angel Oak Mortgage Solutions,
an Atlanta-based wholesale/correspondent lender
licensed in more than 35 states and operating in
the non-QM space for over three years. Tom has
been in the real estate lending business for nearly
20 years. He may be reached by phone at (855)
539-4910 or e-mail Info@AngelOakMS.com

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M

Andy W. Harris, CRMS is President and Owner of Lake
Oswego, Ore.-based Vantage Mortgage Group Inc. and
Past President of the Oregon Association of Mortgage
Professionals. He may be reached by phone at (877) 4960431, e-mail AHarris@VantageMortgageGroup.com or visit
VantageMortgageGroup.com.


http://www.NationalMortgageProfessional.com http://www.VantageMortgageGroup.com

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