Keeping eyes on the prize: Non-QM and the gig economy

The Non-QM sector is a landscape full of opportunities for brokers. Non-QM experts Will Fisher (EVP of non-conforming at LoanStream Mortgage), Eric Morgenson (VP of business development at Angel Oak Mortgage Solutions), and Steve Cutter (senior VP at Acra Lending) joined MPA’s recent Power Panel to discuss the changes in this market and their outlook for the rest of the year.

One area of opportunity that is being missed is the gig economy. Morgenson believes this underserved demographic is one of the biggest prospects out there for brokers.

“It is a phenomenon with this gig economy where people can drop in and have an Amazon play, and they’re pulling in $10,000 a month from it. So, these are not traditional type borrowers. All the traditional lenders are giving them the Heisman Trophy stiff arm, telling them they can’t. The opportunity is when somebody applies for a loan, and they’re told they can’t get it, and they believe that. What I implore this audience to do is investigate these simple programs. This isn’t rocket science. These are non-agency loan programs, and once you understand it, you’ll have the confidence to be able to originate these. It’s not difficult.”