The mortgage banker becomes the latest to restart its non-QM program after temporarily suspending it due to COVID-19
Mortgage banker Excelerate Capital has announced the relaunch of its non-QM product line. The company’s rollout of its “NonQM 2.0” line took place on July 15, and included its non-QM full-doc and bank statement programs, as well as its DSCR cashfolw investor programs.
Many non-QM lenders temporarily halted originations at the outset of the COVID-19 pandemic in March and April. However, the “feared borrower defaults did not materialize,” according to Excelerate Capital. In fact, the company said, non-QM loans have outperformed agency loans, “and capital has been eagerly returning to the RMBS markets.”
“Excelerate Capital remains highly confident in the quality and viability of Non-QM financing and remains eager to serve borrowers in their pursuit of homeownership and real estate investment though they may not qualify for Agency QM loans,” the company said in a release.
