This Lender Just Made Drastic Improvements To Its Non-QM Suite
While the need for refinancing never goes away completely, we can say with certainty that a market-induced rate hike has took us past the peak of the refinancing boom. This means smart mortgage professionals should already be at the forefront of expanding and improving their purchasing pipelines. In a highly competitive housing market, the strict agency lending guidelines may prove too onerous for an originator seeking to close part of the gap between its 2020 and 2021 volumes. The answer for many is no-QM and , as more initiators look to play in this space, one lender has stepped up its non-QM product line.
This lender is Luxury Mortgage Corp. The seasoned non-QM lender recently made a series of improvements that CEO David Adamo (pictured) told MPA demonstrating his commitment to originators working with non-QM borrowers. Among its improvements are the removal of withdrawal limits up to 65% LTV, the reintroduction of a 40-year term option with a maximum LTV of 80%, loan amounts up to 3.5 million dollars on buy and rate terms, $ 2.5 million on withdrawal and expansion of maximum LTV up to 90% with FICOs up to 660. They also added bitcoin as a eligible asset and reserve under certain types of documents. All of this, Adamo explained, was accompanied by aggressive pricing improvements rolled out across all product types.
“We have consistently and methodically implemented product and pricing improvements as the non-QM market has continued to gain ground over the past year,” said Adamo, when asked why Luxury Mortgage now deploys such a wide range of improvements. .