Updates Regarding Non-QM Lending

To our valued clients,

We hope you and your families are safe and healthy during this moment in time that can challenge all of us on many personal and professional levels.  It is not business as usual for us or the industry, and we understand the service we provide is critical to our clients, partners, our associates, and the economy.  We have been in business for over 30 years, steadfast to our commitment to fund Agency and Government loans. This business continues to thrive for us, and we remain committed to supporting you.

As one of the first to re-enter the Non-QM market, our company has been committed to assisting the broker community, their clients, and real estate partners in wholesale lending with innovative lending solutions since 2013.  We remain steadfast in our commitment to Non-QM (our NanQ programs) as long as it remains feasible. Many programs have evaporated overnight due to the COVID-19 pandemic. Worries about the stability and ability to repay for self-employed borrowers and landlords have left the market in a panic.

We are working as quickly as possible to roll out a new, limited NanQ product set. We have shown this to our Account Executives and are working on getting it rolled out in the next few days. The market is extremely volatile and will be a day to day decision. We found a bank partner to help us through this time until liquidity returns. As such, we are primarily dependent on their commitment to space. We are working through our set up with them and will announce when we are ready to start taking locks.

Many of you are inquiring as to what will happen to the current NON-QM loans in our pipeline.  We have initiated a review of all loans, starting with those in Docs In/Out and CTC status. We are pausing all loans that do not meet our new guidelines until further notice.  All loans that meet our new guidelines need to be re-underwritten and qualified with new rates and terms.

During this time, we ask for your patience. We know with your help, we can close the loans that fit our new guidelines.  We are excited to be your partner and your choice for Conventional, Government, and Innovative Non-QM lending.