Our streamlined operations encourage quick response times, allowing for dependable communication and decision-making. With self-employed borrowers and first time home buyers being more internet-savvy than ever, they can easily compare different alternative lending products with the click of a mouse.Īngel Oak Mortgage Solutions offers a technology platform that allows for paperless submission and the ability to track loan status with the click of a button.
Non-QM mortgage lending programs have proven to be increasingly popular over the last few years. With our guidance, you’ll be able to expand your product offering and grow your business with our tailored programs. We offer alternative mortgage lending programs to help your borrowers who may not meet general agency financing guidelines. There are a handful of lenders who will put together tailored packages for both high- and low-FICO individuals to help them achieve the goal of home ownership, but Angel Oak Mortgage Solutions stands out by being the #1 Non-QM lender in the nation as of 2019. To see if your clients might qualify for our correspondent mortgage lending products or have any of your questions answered, click here. Blemish on FICO credit to unforeseen circumstances.Typically, individuals experiencing one or more of the following may qualify for this alternative: The main difference between the two types of mortgage loans is that Non-QM loans for mortgages are protected by the lender against any type of lawsuit should you become unable to afford the mortgage loan. Just because it is a Non-QM mortgage loan does not necessarily mean high risk or subprime mortgage risk, and in many cases these Non-QM mortgage loans require a high FICO score but simply do not check all the boxes associated with a QM loan. Usually this type of alternative mortgage loan accommodates people who are not able to prove they are capable of making the mortgage payments. This allowed banks and mortgage lenders freedom to make more home loans with less fear of buybacks and lawsuits.įor more information on Angel Oak’s non-QM lending programs, click here! Non-QM Mortgage LoansĪ Non-Qualified Mortgage (Non-QM loan) is any home loan that doesn’t comply with the Consumer Financial Protection Bureau’s existing rules on Qualified Mortgages (QM). As of January 10, 2014, these boundaries were adopted by the Consumer Financial Protection Bureau (CFPB) thus, providing banks and mortgage lenders with liability protection when originating QM loans. Today’s Non-QM loans were created in the wake of several regulatory measures designed to make Qualified Mortgages safer to homebuyers and to the investors that purchase mortgages on the secondary market.Īfter the most recent 2008 housing crisis, President Obama signed the Consumer Protection Act, and the Dodd-Frank Wall Street Reform Act to create minimum standards for mortgages, including the ‘Ability to Repay” rule and a qualified mortgage definition. Over ten years has passed since the housing crisis hit the economy in 2008, and Non-Qualified mortgages are finally making a comeback. These aren’t the same Non-QM loans that were partly responsible for the housing crisis.