Dan Bardenhagen: I started my career in 2006 in subprime lending, so always liked creative ways to get borrowers qualified. When I decided to leave my former employer in October of 2021, I knew that I wanted to be able to offer non-QM as I always had to turn away a lot of investors that could have used a DSCR loan or a bank statement loan. As of today, non-QM is a strong offering for our market, especially DSCR loans on condotels.
MPA: As a seasoned non-QM specialist, you’ve likely developed some effective strategies and techniques. Are there any particular practices or approaches you’ve implemented that have consistently yielded positive results for your clients?
DB: I try to always show my clients a loan cost illustration so they can see the whole picture, as well as setting the right expectations for my clients if I see something in their file that is borderline. If their transaction is relying on a certain amount of rental income to make the deal work – I just make sure everyone knows.
MPA: The non-QM lending landscape has undergone changes over the years. What do you envision for the future of non-QM lending, and how do you adapt your strategies to stay ahead of the curve?
DB: I hope non-QM lending is here to stay, but you never know. I just read the guidelines and any changes to them daily, so I don’t make any mistakes with clients’ files. Northpointe Home Loans is very good with communicating any changes to use quickly, which helps a lot.
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