Chad Schoep, a senior vice president at Union Home Mortgage, has a call to action for mortgage originators still uncertain about dipping their toes in non-qualified mortgage (non-QM) lending.
“If you’re not in it, you’re missing out,” Schoep said during a panel discussion this week at the Mortgage Bankers Association’s annual conference in Chicago.
“Your borrower is going to go the path of least resistance,” Schoep added later. “It’s all about demystifying non-QM for your salespeople.”
Non-QM loans generally have more flexible underwriting standards than qualified mortgages. The latter category is subject to stricter criteria set by the Consumer Financial Protection Bureau for loans eligible for purchase by Fannie Mae and Freddie Mac or thr...