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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.
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Michigan Mutual (MiMutual) is a Michigan-based direct mortgage lender that offers non-QM loans and jumbos, per a recent press release. However, it’s unclear what exactly they offer at this time.
A non-QM loan is any loan product that doesn’t meet the standards of a qualified mortgage. The difference is that non-QM lenders have more flexibility in underwriting guidelines to work with borrowers whom "vanilla" lenders deem too risky, says Raymond Eshaghian, president of GreenBox Loans in Los Angeles.
According to the companies, over the last five years, Deephaven has invested in more than $4 billion in non-QM loans to become “one of the leading issuers” of non-QM securitizations. But now, Värde.
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Deephaven aims to be the premier provider of private-capital liquidity for Non-QM residential mortgage loans for correspondent and wholesale lending.
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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.
A Non-Qualified Mortgage (Non-QM) is any home loan that doesn’t comply with the consumer financial protection Bureau’s existing rules on Qualified Mortgages (QM). Usually this type of correspondent mortgage loan accommodates people who are not able to prove they are capable of making the mortgage payments.