Verus Mortgage Capital, a non-agency correspondent investor, has expanded its Minneapolis office space by four times, a reflection of the dramatic expansion of the non-qualified mortgage market.
“Rapid growth in the non-QM business has forced us to move to a new location that could accommodate our future expansion,” said Dane Smith, VMC president.
Since its inception in 2015, VMC has doubled in volume every six to nine months. Within the first quarter of 2018, it purchased approximately $400 million in non-agency mortgage loans. VMC also doubled its workforce in the last year.
The non-QM space is projected to reach $20 billion in 2018 and continue surging to $100 billion in the coming years. A number of companies that are serving the non-QM market have seen record loan volume.
Founded in 2015, VMC is a non-agency correspondent investor backed by Invictus Capital Partners.
The Washington, D.C.-based company, with operations in Minneapolis, has purchased just under $2 billion in expanded, non-agency loans since its inception. In addition, through its affiliates, VMC has completed four rated securitizations.