Dan Bardenhagen: I began my profession in 2006 in subprime lending, so all the time favored inventive methods to get debtors certified. After I determined to depart my former employer in October of 2021, I knew that I needed to have the ability to provide non-QM as I all the time needed to flip away quite a lot of buyers that would have used a DSCR mortgage or a financial institution assertion mortgage. As of at present, non-QM is a robust providing for our market, particularly DSCR loans on condotels.
MPA: As a seasoned non-QM specialist, you’ve seemingly developed some efficient methods and strategies. Are there any explicit practices or approaches you’ve carried out which have persistently yielded optimistic outcomes in your purchasers?
DB: I attempt to all the time present my purchasers a mortgage value illustration to allow them to see the entire image, in addition to setting the appropriate expectations for my purchasers if I see one thing of their file that’s borderline. If their transaction is counting on a specific amount of rental revenue to make the deal work – I simply be certain everybody is aware of.
MPA: The non-QM lending panorama has undergone adjustments over time. What do you envision for the way forward for non-QM lending, and the way do you adapt your methods to remain forward of the curve?
DB: I hope non-QM lending is right here to remain, however you by no means know. I simply learn the rules and any adjustments to them every day, so I don’t make any errors with purchasers’ recordsdata. Northpointe Dwelling Loans is superb with speaking any adjustments to make use of shortly, which helps so much.
