He quickly curbs his exuberance in reining in what could border on braggadocious – decidedly un-Springsteen-like behavior. “Stay humble, but enjoy small victories,” he adds like a mantra of short penance. “ACC in 24 years has seen lots of good days and bad days. Much like the emotional heartbreak that Springsteen talks about. Many people have had their hearts broken by the non-QM lenders.”
He’s reminded suddenly – and with recovered modesty – that he is, in fact, “Tougher than the Rest” (which is another Springsteen song, if you didn’t catch that with the sudden quotes and change in capitalization). “The road is dark/And it’s a thin, thin line,” one line of the song goes. “But I want you to know I’ll walk it for you any time.”
Clearly, one has to be tougher than the rest to work exclusively in non-QM, as Senko has for 24 years. Like the couple described in song sizing each other up (presumably at a club or honkey-tonk; the venue is not described) with a hint – the very slightest soupçon, if you will – of initial tentativeness, so too is the careful dance of non-QM.
After all, non-QM loans are mortgages not meeting strict requirements of the Consumer Financial Protection Bureau to be considered qualified mortgages. In the lender-borrower courtship, finances must be vetted toward achieving loan terms that are likely to be paid back. No “Dancing in the Dark” here, but illuminated with specific conditions that still allow for flexibility with income or credit history. As niches go, it’s not for the weak.
And yet, he’s up for the challenge. “If you’re looking for love – non-QM love – than I’m tougher than the rest,” he said. “ACC can be that partner for you.”
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