With innovations like OpenAI’s ChatGPT and other AI-driven technologies, the market is buzzing with potential. However, the non-QM space presents unique challenges, according to Meola.
“The difference in the non-QM space is it’s a little bit more manual,” he said. “There are some things that we have to do a little bit differently. So some of the technology out there is great, and we’re utilizing a lot of that technology for decision automation, income automation pieces, and parts of the mortgage transaction that are relevant in both A-paper and non-QM lending.
Read more: Acra Lending’s guide to finding a good non-QM loan partner
“Where we’re seeing where we have to make some pivots are those areas which do not overlay within A-paper transaction. And we’re working with a couple of mortgage technology firms to develop our own technology that’s going to pick up the gaps that we’re not seeing fulfilled by off-the-shelf, A-paper lending technology, and that’s really what we’ve been working on for the most part of 2023.”
Don’t miss the full MPA TV episode to learn more about Acra’s technology developments and the broader tech transformation in the non-QM sector. Watch it here: When non-QM lending meets tech – how to make it work.
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