theLender is temporarily suspending fundings of all NON QM Loans effective immediately.
All NON QM loans in process will be put on a temporary hold; no registering of new loans, no processing, no locking and no funding of current NON QM loans.
We are still accepting submissions and funding FHA/VA/USDA/CONVENTIONAL LOANS.
The Coronavirus has resulted in unprecedented Government coordination to reduce the spread of the flu and, as such, has temporarily altered the way we live and work. As each of us looks at the potential impact on our families, each other and America in general, we here at theLender are looking at how we can put our own ambitions/desires aside to better serve our community and our great country. With U.S. interest rates at historic lows, unprecedented Government stimulus, and the re-entry of the Fed into the agency and Government lending markets we recognize that there is now not enough capacity in the agency markets to serve a hurting America. With our mission statement declaring that theLender is about “delivering customer-centric solutions to help clients realize their dreams”, we have decided to put the full force of our platform behind the American people. To support the US economy and be a beacon of hope during challenging times, theLender will be prioritizing QM loans for as long as America is in need.
As of today, effective immediately, we are suspending all NonQM loans. That includes funding any further NonQm loans, locking or registering. We understand this is a burden for our broker clients and their customers but hope they understand this decision during this incredible difficult time in America.
We hope to have more information in the coming days and weeks, and I will continue to provide daily/weekly updates regularly with any changes.