Jeff Miller went all in on Non-QM before most loan officers understood its potential. A decade later, his firm closes 1,350 loans annually and develops software that other lenders adopt.
In 2015, Jeff Miller and his partner Jason Nichols made a decision that redefined Truss Financial Group, a company they had built since 2006. Like many successful mortgage professionals, they invested mortgage earnings into real estate. They encountered difficulty securing financing from their established sources. The existing system was not designed for business owners with complex financials, substantial assets, and a clear ability to repay. Traditional banks showed no interest.
“There had to be a lot more people like us,” Miller recalled, “trying to do things right but unable to get financing.”
This realization prompted Truss Financial Group’s pivot into Non-QM lending, a strategic move that most of the mortgage industry would not embrace for years. This focus has defined the company since.
The Pivot: Hard Money Clients And 90-Day Timelines
Founded in 2006, Truss operated in traditional lending for nearly a decade. Following the 2008 financial crisis, the market contracted, and agency volume became increasingly commoditized. Miller and Nichols sought new opportunities. When they discovered Non-QM products offered by early providers like Citadel and Impact, they recognized a clear market opening.
Truss initially targeted Non-QM leads from borrowers with hard money loans at 12% and 13% interest.
“We could offer them around 9.5%,” Miller said. “They were ecstatic.”
However, the process from initial interest to funding was challenging. Lenders exhibited inconsistency, guidelines were often unwritten and non-standardized, and closing timelines extended to 90 days or more. Clients accustomed to hard money’s five-day turnaround required constant reassurance.
“The hardest part wasn’t the loan,” Miller said. “It was client management. We spent more time just telling people to hang in there than actually processing the file.”
A turning point occurred around 2017 when partnerships with lenders like Angel Oak and AmWest provided Truss with the structure and consistency needed to scale. With printed matrices, defined underwriting guidelines, and predictable turn times, the operation transitioned from an experiment into a structured business model.
Maintaining Non-QM Focus During Agency Boom
From 2020 through 2022, maintaining a Non-QM-only strategy tested the firm’s discipline. While loan officers across the industry generated significant revenue from agency refinances, Truss navigated complex files, secured funding amidst warehouse line freezes, and explained delays to clients.
“I had one buddy — a one-man shop — doing 40 Rocket loans. And here I am working my tail off on Non-QM deals,” Miller said. “It was tough to stay in our lane.”
This discipline yielded a client base primarily composed of business owners and real estate investors. These clients frequently return for additional loans. Truss has clients with more than 20 closed loans in recent years.
“We say around here, if you do one loan for an investor, that’s a disappointment,” Miller said. “There has to be two or three in there.”
Operational Machine: Structure Over Volume
Today, Truss Financial Group employs 22 loan officers through a layered operational model resembling a structured production floor rather than a traditional brokerage.
New leads do not go directly to a loan officer. Instead, they are directed to an intake specialist trained to gather documents and identify complexities. A solutions desk then evaluates the scenario to determine the appropriate product and lender. Subsequently, a quality control (QC) desk scrubs the file before it reaches processing.
“A sloppy file in Non-QM is a dead file,” Miller said. “There are too many reasons things can die. You don’t want to get put to the back of the line.”
This structured approach allows loan officers to focus on client interactions. Truss loan officers can engage in 150 conversations monthly because the internal infrastructure manages other tasks.
AI Tool Developed From Necessity
This infrastructure relies on technology built by Jason Nichols, Truss’s partner and chief marketing officer. Nichols, who possesses extensive mortgage experience with a focus on marketing and technology, co-developed MortgageQ. This AI-powered scenario-matching platform originated as an internal spreadsheet and evolved into a significant industry tool.
The initial version, built in 2020, was a logic-based tool designed to route scenarios to the correct lender based on loan characteristics, state, and product nuances. It did not consistently meet their needs.
Then, artificial intelligence (AI) technology advanced significantly.
“We realized we could do this without all those man hours of data entry,” Miller said. “The tool is really focused on ingesting documents, structuring that data, and making it translatable.”
Today, MortgageQ is utilized by thousands of professionals outside of Truss. Lenders, mortgage brokers, and account executives use it to run scenarios, match products to borrower profiles, and enhance communication across their production teams. Nichols’ solution to Truss’s internal challenge has become an industry-wide tool.
AI Across the Organization
MortgageQ is not the only AI application at Truss. The firm has integrated AI into its RingCentral phone system to transcribe and flag calls. This system does not auto-dial but identifies conversations requiring escalation.
“If an intake specialist is talking with somebody and that person mentions they have 17 properties and just inherited six — our system flags that conversation,” Miller explained. “That’s a conversation for a senior loan officer. And it’s also a training opportunity.”
On the back end, Truss uses AI to evaluate loan officer performance data. It pairs lead types with loan officers based on historical close rates, loan amounts, states, and lead sources. Underperforming loan officers are removed from certain lead queues, while high performers are matched with lead types they successfully convert.
Claude operates behind the scenes with management, and Gemini is available to loan officers via Google Workspace. This layered AI architecture is continuously evolving, Miller noted.
“It’s a crazy moving target,” he said. “But that’s kind of the point.”
Training Through Trustology
New hires at Truss do not begin with live leads. They complete Trustology, an internal, AI-powered training program. This program guides recruits through product knowledge, call rebuttals, and scenario handling before they interact with clients.
After training, new loan officers spend time in what Miller calls the “Shark Tank.” Here, they call thousands of past applicants who did not close, engaging in soft re-engagement conversations. From there, they transition to live intake queues, supporting senior loan officers rather than independently handling loans.
This design is intentional: senior loan officers receive pre-qualified conversations, junior loan officers gain experience through volume, and clients experience a smoother process at every stage.
“Somebody that comes in knowing nothing about the industry — if they’re willing to work hard and listen — can be closing loans within six to 12 months,” Miller said.
The Referral Philosophy
For lead generation, Truss does not rely on lead vendors. Miller’s advice emphasizes starting with one’s network and working it with discipline.
“You don’t need 50 financial planners,” he said. “You need three financial planners. Three realtors. Three CPAs. And you can be a very busy mortgage broker if you take care of clients.”
The firm implements structured follow-up campaigns, including emails, texts, birthday cards, anniversary cards, and closing gifts.
These campaigns are segmented by contact category. Realtors receive realtor-specific content, and Certified Public Accountants (CPAs) receive timely outreach around tax season. Every referral is tagged to its source, allowing Truss to report on performance.
Nearly Two Decades In
Founded in 2006 and fully committed to Non-QM since 2015, Truss Financial Group now closes 1,350 loans annually. Some of its loan officers are approaching seven-figure incomes. Its technology is used by thousands of users across the industry. The same two partners who invested in Non-QM nearly a decade ago continue to lead the firm, with Miller focusing on production and Nichols on technology and marketing.
“It’s insane how much we’ve built,” Miller said. “A lot of moving parts. And we’ve just been really lucky with the quality of people here.”
This success reflects strategic foresight and disciplined execution within the Non-QM sector, offering valuable insights for mortgage professionals.
