![]() The two front burners are dual-zone and the back three are single-zone. Like other LG appliances, the oven door is equipped with InstaView technology, which turns the oven interior light on and off with a simple two-tap knock on the window.Ī thin line of stainless steel surrounds ceramic glass for the cooktop on this range without any gaps between the two materials, which means no grime buildup in hard-to-clean crevices. While still fairly new to the game, non-QM lending is becoming more and more popular by lenders – seeing a significant boost in usage from this time last year.This cooktop is spacious, easy to clean, and the burners can boil water quickly. S&P Global Ratings had predicted that non-QM lending would double or even triple in 2018 and they’re not far off. The company pointed to a more liquid non-QM market driven by more efficient and improved securitization which would make this type of lending cheaper and lower spreads.Įxperts say that non-QM loans tend to be absent risk layering – which means that they aren’t likely to perform as badly as Alt-A and subprime loans. 10 years ago in the financial collapse of 2008, we saw subprime loans destroy the market. This was due to applicants having no down-payments, bad credit scores, and very little verification of income (sometimes none at all). It was a recipe for disaster from the beginning. ![]() With non-QM loans, applicants still have to satisfy the Ability-to-Repay rule, and at the very least show a lot of assets if their income is a bit unsteady or questionable. With these types of loans on the rise many aspiring home owners are now in a position to obtain a loan, and leads are being generated. Lead Snap Marketing started generating non-QM leads in early 2018 with the increasing demand from our mortgage clients and the market. With these leads, like all of our others, you can apply several filters such as Loan Amount, Property Type, Credit Rating, State and more.The volume of US-based digital lending by fintechs to individuals and small/medium enterprise (SME) has grown from less than $21B in 2017 to an estimated $27B in 2019, and it’s projected to surpass $40B by 2022. This growth and the associated increase in fintech lenders’ market capitalization can be attributed to their product innovation and focus on underserved demographics. Lenders offering non-qualified mortgages–mortgages that do not comply with the Consumer Financial Protection Bureau’s rules for Qualified Mortgages–are the fintechs of the mortgage industry. By servicing freelancers, small business owners, millennials and other mortgage borrowers that don’t meet traditional underwriting models, non-QM lenders have capitalized on opportunities largely ignored by depository institutions. Sound familiar? That’s because it’s essentially what fintechs have done for borrowers who have struggled to secure personal and SME loans. ![]() In targeting borrowers that traditional originators shun, non-QM lenders and fintechs have developed similar underwriting standards and operational efficiencies that enable them to dominate key markets ignored by the banks. The Fintech Advantage: Underwriting Programs & Process Efficiencies Outflank GSE Mortgages With banks locking millions of borrowers out of financing due to low or no FICO scores, fintechs reimagined the underwriting process by developing ways to validate income and assets from this rapidly growing subgroup. Instead of focusing on FICO and debt to income ratios, fintechs measured an applicant’s actual ability to repay a loan by calculating borrower cash flow, primarily from bank statements.įrom humble beginnings, fintechs built systems that validated assets quickly, enabling them to generate impressive profits through process efficiency. Manual data extraction and “stare & compare” reviews were replaced by computer vision-based technology.
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