LendingLife Crew --
Today's edition of LL is coming to you directly from Orlando, where I'm attending the Lenders One Summit. My day started by moderating a session with Kathy Kraninger, Andrew Bon Salle and Brian Montgomery where we covered all things housing – regulation, home price appreciation and inventory, and FHA's IT modernization efforts.
After wrapping that session I hustled across the hall to listen to an educational session focused on "the return of non-QM" featuring Jon Rutila of Altisource, Kate Amor of Finance of America, Drew Stachak of First National Bank of America and Larry Maitlin of Luxury Mortgage Corp.
With underwriting timelines and margin efficiency front and center, the speakers quickly navigated the topics that matter for IMB leaders and originators. A recurring theme was how to originate and process in a way that doesn't blow out the cost structure. Speakers emphasized the need for a non-QM specialization team or team members. So if a lender has 50 processors, distributing non-QM loans to all team members might throw a wrench in efficiency across the organization.
Audience members had a lot to share as well. Key takeaways:
- Origination: The loan officer who differentiates themselves as a non-QM expert or specialist is much more effective and successful than originators who occasionally dabble in non-QM production
- Funding: Lenders must choose the approach that works for their sales and operations teams – should they broker their non-QM loans or use a delegated or non-delegated approach?
- Operations: Having a dedicated team of experts is critical. Developing a small team that is educated on the product can be highly efficient. This approach can yield 14-21 day close times
- Marketing: Taking advantage of TPO marketing material is critical for originators, as in-house marketing teams aren't as adept with developing non-QM collateral
- Education: Realtors in the market and the greater public have no clue what they can do with non-QM, so borrower groups are left underserved due to lack of knowledge
To build on this knowledge, Angel Oak does an excellent job myth-busting non-QM misperceptions related to closing timelines and non-QM borrower profiles in the first feature article below.
Back on the road,
Clayton Collins
CEO // HW Media
P.S. If you enjoy LendingLife, you MUST join us at HousingWire Annual in Frisco, TX on Sept. 27-28. The theme of the event is All Things Housing, and we'll explore the intersection of mortgage lending, real estate sales, technology and housing market trends. I guarantee you will be the most informed originator in your market if you dedicate two days to joining us for this special event.I guarantee you will be the most informed originator in your market if you dedicate two days to joining us for this special event. Sign up now or email me (ccollins@housingwire.com) if you have any questions!
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