Life is too short to waste time matching socks. Yes, time flies. Remember a year ago, when a) the announcement of Juneteenth, the new Federal holiday, caught everyone off-guard time-wise, and b) lenders and vendors were having trouble handling the volume and were hiring like mad? We have more planning time this year: Due to Federal Reserve closure on Monday, June 20, loan purchase wires cannot be issued that day. As best I can tell, for all creditors, Juneteenth (observed) is counted as a rescission day, and is counted for the (LE and CD) disclosure receipt requirements of the Specific Business Day Rule (including both the mailbox rule and the required number of days prior to consummation). June 19 is not counted. And regarding (b), many companies continue to hire. “Rob, all we read is lenders and investors are laying people off. Are you hearing anything to the contrary?” Sure, there are examples, and every day I post job ads in my commentary. And for example, Tom Hutchen
While longtime non-QM companies have originated mortgages in the segment for years, new contenders have come into the market as the number of potential customers who fit into the category grows.
Mom-and-pop investors, just like Wall Street players, have the appetite and the cashflow to make deals happen in a rising-rate environment. Here's where they're buying and how non-QM lenders are trying to capture their business.