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When COVID-19 pandemic ramped up back in March, the Non-QM market took a huge hit. A few companies paused Non-QM operations but the niche market could not be kept down, nor did many expect it to disappear completely. At the end of March, Rob Chrisman, author of the daily market commentary on current mortgage events, predicted that Non-QM would bounce back but it would take a couple of months; he was right.
Following the brief hiatus, Non-QM was back into the swing of things with companies relaunching old products and even developing some new ones along the way. In his latest report, Chrisman shared a new product that has hit the Non-QM market.
“This week, ReadyPrice announced the addition of Non-QM product availability on their platform confirming Readyprice as the first Pricing and Loan Delivery technology to offer wholesale programs across all product categories,” according to Chrisman's report.
Chrisman also outlined a couple more products for the Non-QM market in his latest roundup for Mortgage News Daily.
“The industry has been waiting for non-QM products to account for a sizeable percent of the overall business,” said Chrisman in his MND roundup.
He went on to outline Carrington's Prime Advantage product, which features up to 90% LTV on Prime Advantage loans for FICOs higher than 720 and more.
With companies continuing to reenter the Non-QM market LOs and brokers can expect more robust tools and products to come.