Verus Mortgage Capital Closes Its Latest Securitization
November 4, 2019
Verus Mortgage Capital has announced the closing of its 13th securitization for $569.1 million.
Since its first non-QM securitization in 2015, Verus’ market share has grown exponentially. In 2015, the firm’s securitization volume stood at just $35 million. In 2018, Verus bought $2.6 billion in non-QM loans. Verus President Dane Smith says year-to-date non-QM loan purchases have already exceeded $2.8 billion.
When the Consumer Financial Protection Bureau first established new Ability-to-Repay rules for QM mortgages in 2014, the non-QM market was virtually non-existent. Today, however, its overall loan volume is expected to reach $40-$50 billion.
“With responsible investors like Verus, correspondent lenders have the chance to reach a much larger borrower market,” said Verus Executive Vice President of Correspondent Sales Jeff Schaefer. “Verus offers consistent, strong processes and systems for training and aiding our partners. We are in the business of buying loans, and anyone wanting to get in this market needs to work with an experienced investor.”
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