In a recent article by Al Yoon of Debtwire, LoanStream President, Serene Vernon, provides her thoughts on the Non-QM market stating, “The securitization market is gone so if you don’t have bank funds you don’t have credit in this space”.
Debwire reported that “Lenders including LoanStream Mortgage… have maintained a non-QM presence, albeit with a significant tightening of underwriting guidelines and higher rates. Notable for the lenders whose loans are often destined for portfolios is a marked drop in available loan-to-value ratios, to 70% or 75%, from levels as high as 95% for borrowers with compensating factors, according to the lenders or their rate sheets.”
Additionally, they mention companies such as Angel Oak as one of many Non-QM lenders continuing its “pause” on all loan activity as of April 15th when it announced it would stop funding for two weeks on March 23rd, 2020.
LoanStream President Serene Vernon further commented that Non-QM was a complement to Conventional (and Government) lending products that they continue to fund and support their brand promise to their mortgage broker partners as: “The ONE Lender”.
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