Dan Bardenhagen: I began my profession in subprime lending in 2006, so I’ve at all times enjoyed creative ways to qualify borrowers. When I made a decision to depart my former employer in October 2021, I knew I desired to have the opportunity to supply non-QM services as I at all times needed to turn down many investors who could use a DSCR loan or a bank statement loan. As of today, non-QM is a robust offer for our market, especially DSCR loans for condotels.
MPA: As an experienced non-QM skilled, you’ve got probably developed some effective strategies and techniques. Are there any particular practices or approaches you’ve got implemented which have consistently produced positive results in your clients?
Database: I attempt to at all times show my clients an illustration of the price of the loan so that they can see the entire picture and likewise set appropriate expectations for my clients if I see something borderline on their file. If their deal relies on a certain quantity of rental income for the deal to work – I just ensure that everyone knows about it.
MPA: The landscape of non-QM loans has modified over time. How do you envision the longer term of non-QM loans and the way do you adapt your strategies to remain ahead of the competition?
Database: Hopefully non-QM loans will stay here, but you never know. I just read the rules and any changes to them day by day, so I do not make any mistakes within the client files. Northpointe Home Loans are excellent at communicating any changes for quick use which helps rather a lot.
