Future-proof your portfolio with this top non-QM loan offering
The mortgage industry is evolving, and, with it, there is a need for brokers to expand their knowledge, especially in the non-qualified mortgage (non-QM) space.
Jeff Lemieux, of Acra Lending, joined a recent episode of MPA TV and discussed the need for broker education in non-QM lending, which is often overlooked due to a lack of understanding. Lemieux also offered strategic advice for the year ahead.
Lemieux pinpointed the need for brokers to get a firm grasp of bridge loans, a vital component of non-QM lending.
“There’s an opportunity for them to understand how a bridge loan works and how that is funded,” he explained.
Lemieux detailed the dual funding stages of bridge loans - the initial close and subsequent funding for rehab work. This process is crucial but often not well understood in the broker community, indicating a significant area for education and growth.
Watch next: What are the opportunities in the non-QM space?
Lemieux’s insights suggest a strategic shift for brokers in 2024 - moving towards non-QM lending as a means to increase volume and diversify portfolios. This shift requires not just a basic understanding of non-QM products but an in-depth knowledge of loan guidelines and the basis for credit decisions.
“The opportunity to originate non-QM loans...is worth their time to understand it,” Lemieux said.
If you want more expert insights on non-QM loans, be sure to check out the non-prime section of the Mortgage Professional America website.
