In today’s ever-evolving mortgage landscape, brokers must embrace innovative loan solutions if they want to find success. While you may still work with buyers who easily fit the traditional mortgage profile – strong funds and even stronger credit – you’ll likely come across more unique scenarios.
That’s where Non-QM loans can help!
Non-QM loans are alternative programs that can help non-bankable borrowers secure strong and flexible financing – even if they’ve been turned down by banks in the past. While these borrowers may face funding difficulties, it’s not because they’re not qualified. The challenge lies in the way they report their income. From freelancers to gig workers and even small-business owners, these types of borrowers often have fluctuating income streams, making it hard to meet traditional lending standards.
Want to reach a wider range of clients and grow your mortgage business this year? Follow these tips to become a true Non-QM expert in 2024:
1. Partner with the right Lender
Having the right partner is everything – especially if you’re trying to make a name for yourself in the Non-QM space. Look for lenders who offer an expanded loan toolkit designed for a wider range of borrowers.
From Bank Statement loans for self-employed borrowers to Asset Qualifier programs designed for buyers who would rather use their assets, instead of income, to qualify for a loan, there’s opportunity for you to reach more types of clients by partnering with a well-rounded lender.
If you come across a lender who specializes in these products, you will also want to consider if they offer additional educational resources for brokers who want to learn about the Non-QM space. From monthly webinars to free guidebooks, you can take advantage of these resources with the right partner by your side.
2. Expand Your Network
Besides partnering with a strong lender, you want to make sure you’re also taking on more unique scenarios and working with different borrowers. Just because you’re dealing with a difficult deal that gets turned down by conforming lenders, doesn’t mean your client can’t get strong funding.
Deliver that “yes” they’ve been waiting for with more flexible loan programs. By adopting Non-QM programs into your product set, you’ll be able to reach a different type of client base. Think freelancers, self-employed borrowers, and small-business owners who all require alternative financing solutions. As you begin to expand your network and successfully serve more borrowers, you’ll no doubt set yourself up to be a more well-rounded solution provider.
3. Market Yourself
Now that you’ve decided to incorporate Non-QM loans into your business, the next step is marketing yourself as the go-to broker for flexible financing. Just like a strong lender will provide educational tools and resources, you can take that knowledge and share your insights through different mediums.
Whether it’s creating targeted email campaigns, hosting webinars, or posting monthly blogs about the benefits of Non-QM loans, educating your clients will help establish you as a strong (and dependable!) voice in the Non-QM space.
And it’s 2024, if you want to promote your services, consider creating a social media presence. This will help you reach and engage with even more potential clients.
Pro-tip: Reach out to your LendSure Account Executive and request the Non-QM Private Label Resource kit, which contains flyers, social media banners, and more so that you can start generating new business right away.
Closing with LendSure
Ready to take the next step in your Non-QM journey? At LendSure, we can help you adopt innovative loan solutions to help your clients secure flexible financing. Check out a few of our programs:
- BOOST Bridge Loan Program: Through this program, the borrower can tap into the equity in their existing home by getting cash out to use as a down payment on a new home.
- Bank Statement: Designed for self-employed individuals, this solution is an alternative financing option for borrowers who can’t provide typical income docs generally required from traditional lenders.
- Fix & Flip: Designed for real estate investors who are in the business of purchasing and renovating properties, this solution gives them the flexibility to take advantage of investment opportunities that may not be possible with their own cash on hand.
The LendSure Way
It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers ratios, and data to consider, but we know that behind every file, there’s an individual with a unique circumstance seeking a loan. We work hard to offer our common-sense take on lending to borrowers seeking funding for the home of their dreams, another addition to their investment property portfolio, or refinancing of a currently-owned property.
Are you ready to benefit from a commonsense approach to lending? Contact us today to learn more about non-QM loans and how partnering with LendSure Mortgage Corp. can help grow your bottom line.
