Non-QM continues to boom – and it’s more important than ever for mortgage originators to add it to their toolbox, according to Angel Oak Mortgage Solutions.
“I think it’s an absolute must,” said Tom Hutchens, executive vice president of production at Angel Oak Mortgage Solutions. “It’s more than important – I think as a loan officer today, if you are not offering non-QM, you’re short changing yourself and allowing competitors to take business from you.”
Hutchens said the company was focused on training loan officers on how to promote and sell non-QM products.
“As the market has pulled back and refinances have gone down, everyone wants to go after purchase transactions,” Hutchens said. “Non-QM, to me, is the perfect purchase product. It gives loan officers more tools to go after more homebuyers. They need to get in front of not only real estate agents, but builders and even other loan officers. So we’re teaching them how to expand their network. Expanding that network and using non-QM products to leverage that expansion is how they’re going to build a bigger purchase business.”
Non-QM’s comeback is still a relatively recent phenomenon – all the more reason, Hutchens said, for originators to make sure they’re educated on the space.
“We’re still at the very early stages of loan officer awareness and education – and even earlier stages for everyone else in the real estate food chain. Realtors and builders really don’t understand non-QM at all.”
That’s why Angel Oak is hosting a non-QM webinar Sept. 27 at 10 a.m. Pacific time. Participants will learn proven strategies to market non-QM products to real estate agents, builders, CPAs, and small banks and credit unions. And those strategies, Hutchens said, can help originators build a stronger purchase business in today’s rising-rate environment.
“Non-QM right now is around 80% to 85% purchases,” he said. “That statistic tells me that if you want to be a purchase-oriented loan officer, you have to offer non-QM.”
To register for Angel Oak’s “Proven Non-QM Scripts and Strategies” webinar, click here.