New suite of products fundamental in brokers' toolbox says EVP non-QM William Fisher
This article was created in partnership with Kind Lending.
Primarily an agency player in the space — and a successful one at that, funding over $500 million a month in A Prime/Agency — Kind Lending was known to only dabble in non-QM, but that’s about to change.
“We just released a whole new suite of non-QM products that are very competitive in the space, more relevant to the current landscape, and are going to be fundamental in our brokers’ toolbox to help them fund more loans,” said William Fisher (pictured), EVP non-QM at Kind.
Non-QM has been on the periphery of the volume that’s been coming in for quite some time, but because of where rates are sitting, it’s taking center stage. Kind moved quickly to provide the support where it’s needed, looking at non-QM products from other lenders and adapting it to align with the lender’s overall approach. To that end, “nothing went untouched — every piece of this product has been improved.” Aiming for easier to use, more streamlined, and overall stronger, “I think we delivered,” Fisher said.
The new offerings include a 12- and 24-month bank statement product that allows a Fixed Expense Ratio, P&L, a true P&L only, WVOE, 1099 product, and an asset utilization product that allows for an additional way to calculate that Kind believes will be more beneficial to the right borrowers in the right scenarios. The lender has also extended into DSCR up to 85 LTV and down to 620 FICOs but kept the best features including no prepayment penalty and low ratio. Some other lenders might shy away from that, Fisher noted, but Kind is able to offer it because of the great partners it works with in the secondary market.
Kind also now makes all lending decisions in-house, which Fisher pointed to as the biggest upgrade, and said these changes are all illustrative of Kind’s drive to come to the market with competitive products that respond to broker and borrower needs.
“We have the infrastructure to change the game for brokers around the country that primarily work in the A paper space,” Fisher said, noting technology is where Kind really separates itself from the rest of the pack. “If a broker hasn’t used us before and seen how seamless and curated the experience is, they’re going to be blown away.”
From your initial pricing, to ordering the appraisal, setting the closing date, and reviewing documents through the portal, “you’re doing it on your time, not the lender’s time.” That’s where brokers will notice the biggest lift, as Kind provides what brokers are used to getting in A paper but might not be getting from other non-QM lenders. It all starts with the pricing engine, and Kind’s is not only robust — it takes security seriously and has built the tech stack in a compliant, safe way — it will also get brokers the right pricing the first time.
“It’s something you can depend on and sell to your borrower; I haven’t seen anything else like it,” Fisher said, urging brokers to take a look at the demos on the site. “Once you put in the best-in-class non-QM product, it’s a recipe for success — and that’s what we’re trying to do over here at Kind.”
Ultimately, Kind realized non-QM is here to stay and seized the opportunity to build a bridge to more brokers and to more parts of the lending space, and to be a positive influence on the community overall.
“We’re making a market and setting a pace that will bring down closing times, bring up service, and give you a product that makes sense,” Fisher said. “It’s the natural evolution of where Kind is, and where the industry is moving.”
