Non-QM loans represent a flexible way that lending institutions offer mortgages to its customers. There exist huge opportunities for lending companies to make significant interest by exploring this market. Nonqualified lending got introduced as an alternative to strict regulations in the loan market that limited the home buyers from acquiring a mortgage loan.
Qualifications and requirements in QM Lending
Non Qualifying mortgage loans represent loans that do not follow the regulations from Consumer Financial Protection Bureau statutes on the qualified loans. Customers who need non-qualifying lending should meet the following conditions:
- Self-employed customers. These customers may not verify their income in the forms which may force them out in the application of the agency loans. The self-employed borrowers may have excellent credit rating but get limited chances in securing the qualified mortgages. Non-qualified mortgages will save their situation.
- A customer or borrow with previous foreclosures. Under the regulation for qualified mortgages, any borrower with past foreclosures should be eligible for new mortgage loans after seven years. Non Qualified mortgage loans provide flexibility to these customers, and they can obtain loans provided that they demonstrate their ability to repay the mortgage.
- Customers that possess low income with the tax returns. The borrowers in this category can get approved to take nonqualified loans if they provide their bank statements for assessment
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Who could gain from non-QM mortgages loans?
Non Qualified mortgage loans gained popularity after the effecting of the Financial Protection Bureau rules in 2014. The housing sector is expected to experience a boom as people strive to own decent homes. The rise in the real estate sector in major towns in the world is a tacit proof to demonstrate the increase.
Today many lending institutions have initiated the non-qualified mortgage loans to increase their customer base. Home Express Mortgage is one of the leading institutions in the provision of these mortgage solutions. The company has a team of professional staff who work round the clock to ensure customers get the best services.
The company prides itself to having qualified mortgage experts who work in collaboration with loan officers. These professionals work in coordination to offer well-structured loans that meet the customer’s needs and demands. Home Express Mortgage Corporation diversifies its operation through a partnership with Seer Capital Management -an investment leader
Home Express Mortgage company evaluates the loan requirement of a potential borrower keenly and offers feedback promptly. Seer Capital Management acts as the sole advisor of the company on investment matters.
Borrowers interested in non-qualified loans should consider taking them from Home Express because the company is accredited to perform its duties. The company helps brokers in the provision of non-qualified mortgage loans to their clients. The company’s non-QM products diversification includes:
- PrimeX-best for borrowers who have not had foreclosures
- CoreX-These are for borrowers who have a low FICO score
- InvestorXFull/ALT-These get provided to investors with positive tax returns report.
- InvestorXDSCR-This is a verification platform for investors with on income report.