IRVINE, Calif., May 5, 2022 /PRNewswire/ — Today, GoDocs, the automation leader in commercial loan document generation released their comprehensive "Lender’s Guide to Document Challenges for Non-QM Loans," which provides lenders with a valuable resource for navigating non-QM loans.
As the commercial lending market continues to evolve, non-QM loans are becoming an increasingly popular offering among lenders looking to create new revenue streams. While lenders took a hit during the pandemic, the housing shortage is driving more investors to seek out non-conventional loans in order to meet demand.
After the financial and mortgage crisis, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. This piece of legislation outlined certain standards and requirements that borrowers have to meet in order to qualify for a loan. While this reform is meant to protect borrowers and ensure compliance among lenders, it has also made it more difficult for a significant portion of potential borrowers to secure loans.
Non-QM loans cater to this segment of the population while also providing lenders with additional income without taking on unnecessary risk. GoDocs’ comprehensive guide to non-QM loans provides a detailed look at how they benefit both lenders and borrowers, and why these types of loans represent the future of commercial lending.
"Traditional loans adhere to rigid standards that can disqualify many people who would make perfectly good borrowers. By focusing less on financial history and more on the value of properties and their future earning potential, lenders are able to offer more flexible solutions to a wider range of people," said GoDocs CEO Steve Butler. "When non-QM loans are paired with automated documentation solutions and other technology the process of lending is exponentially accelerated and simplified. This is essential if commercial developers and investors want to keep pace with demand."
Non-QM loans aren’t a new offering among lenders, but they are a solution that is gaining traction as the commercial housing sector builds momentum and technology makes the loan documentation process easier than ever. GoDocs is proud to not only be a part of innovating the non-QM sector but leading the way when it comes to addressing the specific challenges faced in non-QM documentation by automating the loan documentation requirements.
That is why top lenders use GoDocs and why the company’s "Lender’s Guide to Document Non-QM Loans" is such a valuable resource to lenders.
GoDocs, the automation leader in commercial loan document generation, offers a next-generation software platform for banks, credit unions, and private lenders that creates a streamlined process for closing commercial loans. The first and only purely SaaS system for automated loan document generation, GoDocs provides lenders with a pay-as-you-go digital solution that requires no training to use. The company has the #1 NPS customer satisfaction score in the industry and is trusted by industry-leading banks as well as community banks, Federal and local credit unions, and private lenders of all sizes. GoDocs is proud to back its solutions with 100% onshore support.
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SOURCE GoDocs
