IRVINE, Calif., May 52022 /PRNewswire/ — Today, GoDocs, the leader in automating commercial loan document generation, released its “Lender’s Guide to Document Challenges for Non-QM Loans,” which provides lenders a valuable resource for navigating non-QM loans.
As the commercial loan market continues to evolve, non-QM loans are becoming an increasingly popular offering among lenders looking to create new revenue streams. As lenders have been hit during the pandemic, the housing shortage is pushing more and more investors to seek out unconventional 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 act set out certain standards and requirements that borrowers must meet in order to qualify for a loan. While this reform aims to protect borrowers and ensure lender compliance, it has also made it more difficult for a significant portion of potential borrowers to obtain loans.
Non-QM loans cater to this segment of the population while providing lenders with additional income without taking on unnecessary risk. GoDocs’ Complete Guide to Non-QM Loans provides an in-depth 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 perfect borrowers. By focusing less on financial history and more on property values and their future income potential, lenders are able to offer more flexible solutions to a wider range of people,” said the CEO of GoDocs Steve Butler. “When non-QM lending is combined with automated documentation solutions and other technologies, the lending process is exponentially accelerated and simplified. This is critical if business developers and investors are to keep pace with demand. .”
Non-QM loans are not a new offering among lenders, but they are a solution that is gaining traction as the commercial housing sector grows and technology makes the loan documentation process easier. than ever. GoDocs is proud to not only be a part of innovation in the non-QM industry, but also to lead the way when it comes to solving specific challenges found in non-QM documentation by automating requirements for loan documentation.
That’s why major lenders use GoDocs and why the company’s “Lender’s Guide to Documenting Non-QM Loans” is such a valuable resource for lenders.
GoDocs, the leader in commercial loan document generation automation, 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 digital pay-as-you-go 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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