Non-QM On The Rise Even As Refi Booms
August 21, 2019
Mortgage Professional America features Tom Hutchens, Angel Oak Mortgage Solutions executive vice president of production, in their latest article about the current refinance market. Rates are the lowest in three years allowing homeowners to save money over the life of their loan by refinancing. What does this have to do with non-QM? Well, in the past when refis were up, non-QM volume would go down. We aren’t seeing that now because non-QM lending is mainstream.
The industry has reached a time where more originators have utilized non-QM with successful results. Their business and referrals have grown as a result. Non-QM awareness and the news of volume growth in this space has also attributed to the popularity of these loan products.
Our clients know that non-QM is just as easy as conventional financing so they keep non-QM business going right along with agency business. One thing is for sure, the market is volatile and rates will likely go up causing the refi boom to come to a halt. That’s not the time to swing back around and try to capture non-QM business. The smart originator will continue to grow their non-QM business regardless of market trends. Afterall, Angel Oak continues to set records in non-QM volume year over year and month over month.
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