Non(QM)sense!
Going into the January 10, 2014 inception date of the Qualified Mortgage, or QM, we in the mortgage industry faced a nonstop barrage of concern about whether or not our lending capacity would stay the course or steadily devolve into nonexistence.
This turns out to be a nonissue here at RPM because we've just rolled out a suite of jumbo loan programs (and to say "jumbo" is nonfactual because the lower limit can be as little as $250K) that address the varied borrowing needs of those for whom mortgage credit has been nonaccessible over the last 5 or 6 years.
All nonsense aside, here are some of the niches our non-QM program will fill:
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Heretofore nonqualifiable income profiles. Borrowers who have a history of self-employment but want or need to provide only one year of tax returns. - Nonwarrantable condominiums. Our guidelines may permit project eligibility that falls outside of Fannie guides.
- Nonconforming debt-to-income (DTI) ratios. We'll go to 50% DTI in some cases, and we can do a non-ratio loan if the borrower has very strong equity in the property (low LTV).
- True asset amortization. Even for borrowers of nonretirement age.
We are making giant strides to provide service nonpareil in a lending environment constricted by regulation that often does not serve the best interest of the responsible borrower. If you'd like to direct a unique scenario my way, or even if you have nonspecific questions, I am happy to be of assistance.
Now, if you don't mind, I'd like to return to my nonfat cappuccino.
Rob Spinosa
Mortgage Loan Originator
NMLS: 22343 CA BRE: 01297944
Cell: 415-367-5959 Fax: 415-366-1590
rspinosa@rpm-mtg.com www.rpm-mtg.com/rspinosa
1058 Redwood Highway, Frontage Road, Mill Valley, CA 94941
RPM Mortgage, Inc - BRE# 01818035 – NMLS# 9472 - CA Bureau of Real Estate, Real Estate Corporation License. Equal Housing Opportunity.
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