Non-QM experts debunk the notion that a market lull equates to inactivity
While some may believe that the current market downturn is a chance to take it easy, MPA’s power panel argued that it’s precisely the time to dive deeper into non-QM lending.
During the latest MPA TV episode, non-QM experts Tom Davis (chief sales officer of Deephaven Mortgage), Will Fisher (EP of non-conforming at LoanStream Mortgage), and Jason Biegel (chief operating officer of Change Wholesale) shed light on the importance of staying proactive and seizing opportunities even when the lending landscape seems to be taking a breather.
“Downtime. [There’s] no such thing, not in lending,” Fisher said. “However, if you do find yourself with time, I would be updating my list of borrowers - I’d continue to research and reach out to partners with non-QM that have been around for six to eight years at least, exclusively marketing these products. I’d spend more time reaching out to real estate agents.”
Read more: Non-QM leader on how to prepare for the worst and the next peak
Davis said Deephaven focuses on training and supporting its partners by offering webinars, product deep dives, and even presenting on behalf of clients to realtors.
“We’re really big on education,” he said. “We’re investing time in our partners and helping them become experts. But we find during our surveys in these webinars that close to 70% of originators today have never even originated a non-QM loan. We see that as a major upside. Similar to a financial planner or a surgeon, if you become a master of your trade and you become really good at it and an expert, people will line up to do business with you. So, we’ve invested a lot of time in our partners and helped them become experts. And we see that, once they become experts and they become masters of non-QM, then they become really good and comfortable at originating it.”
Biegel encouraged loan officers to pay attention to non-QM programs and participate in webinars.
“There are different guidelines and different considerations that they need to understand and read through,” Biegel said. “I get it, no-one wants to read through the guidelines, but that’s where the webinars, the seminars, having our account executives get in front of them becomes very important. The sales pitch, is now is the time to engage your originator partners to look for that education.”
Watch the full MPA TV interview here to get more non-QM insights and tips from the power panel.
