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A lender must make a good-faith effort to determine that you have the ability to repay your mortgage before you take it out. This is known as the "ability-to-repay" rule. If a lender loans you a Qualified Mortgage it means the lender met certain requirements and it’s assumed that the lender followed the ability-to-repay rule.
Additionally, the standard loan operating systems are not set up to service these loans properly. Because of this, new non-QM lenders are emerging and creating their own software to fill the void. To achieve success in this new segment of the industry, it is crucial to automate the non-QM process.
After the new CFPB rules were adopted, loans that did not stick to QM standards were found to be non-QM loans. A loan that is non-QM is not necessarily a higher risk loan. It just means that loan does not follow the QM definition. Generally, non-QM loans are designed today to offset some of the risks of the past. For example, many lenders require people with non-QM loans to have more cash reserves and a higher credit score.
Luckily, there are many lenders today that offer non QM loans. These "non qualified" loans provide borrowers just like you a chance to own a home. You don’t have to abide by the strict qualified mortgage guidelines – lenders are able to make their own rules. How far can lenders go?
In recent years, non-QM loans have been on the rise as lenders and investors become more comfortable with loans that do not fit into the stringent government or government-sponsored enterprise.
HomeXpress Mortgage Corporation is a company that specializes in non-qualified mortgage (non-QM) loans. It was established by mortgage professionals whose goal was to offer loans to borrowers who didn’t fit under the qualified mortgage category. These professionals have many years of lending experience and quality service under their belts.
As refinances plummet and competition over limited purchase volume increases, mortgage originators are increasingly looking to diversify into non-QM lending. There are now more than 40 mortgage.