Irvine, California – April 18, 2023 – Today, GoDocs announces the release of its new 2023 Lender’s Guide to Document Challenges for Non-QM Loans. The guide drafted by the automation leader in commercial loan document generation provides a comprehensive overview of mission-critical issues in 2023, including:
- Documentation requirements for non-qualified mortgage (non-QM) loans
- Lender tips and strategies for managing the process.
Non-QM loans have become increasingly popular in recent years as they provide borrowers with greater flexibility and access to credit. These loans are designed for borrowers who do not meet the strict requirements of traditional qualified mortgages (QM) but still have the ability to repay the loan. While non-QM loans offer benefits to both borrowers and lenders, they come with complex documentation requirements that can be challenging for lenders to navigate.
The 2023 Lender’s Guide to Document Challenges for Non-QM Loans is an invaluable resource for lenders who want to better understand the document requirements for these types of loans. The guide offers a comprehensive overview of the different types of non-QM loans, including jumbo, bank statement, and asset-based loans. It breaks down the documentation requirements for each type of loan, providing lenders with a clear understanding of what documents are needed and why.
In this latest guide from GoDocs, you’ll gain insights into:
- the pragmatic choices lenders will make in 2023;
- what to expect in 2023; and,
- how automation will continue to make an impact in the year to come.
One of the biggest challenges that lenders face when dealing with non-QM loans is managing the document collection and verification process. The guide provides lenders with strategies for managing this process, including tips for organizing and tracking documents, communicating with borrowers, and working with third-party document verification providers.
Download the Guide
For a closer look at how QM and non-QM loans work, check out the comprehensive Lender’s Guide to Documenting Non-QM Loans.
In addition to managing the document collection process, the guide offers tips for avoiding common documentation pitfalls. These pitfalls can cause delays in the loan approval process or result in loan denials. By understanding these pitfalls, lenders can take steps to avoid them and ensure a smoother loan process for both them and their borrowers.
The 2023 Lender’s Guide to Document Challenges for Non-QM Loans also includes best practices for ensuring compliance with regulatory requirements. Non-QM loans are subject to a variety of regulations, including the Ability to Repay (ATR) rule and the Qualified Mortgage (QM) rule. The guide offers lenders tips for ensuring compliance with these regulations and avoiding penalties.
“We’re excited to release the 2023 Lender’s Guide to Document Challenges for Non-QM Loans,” said Stephen Butler, CEO of GoDocs. “We understand the challenges that lenders face when dealing with non-QM loans and wanted to provide them with a comprehensive resource to help them navigate the process more easily. Automation is a tried-and-true way to navigate volume spikes without having to turn to expensive attorneys and throw in more time per loan. For those reasons and more, we believe that this guide will be an invaluable resource for lenders who are looking to expand their lending programs to include non-QM loans.”
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 flexible 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.
Schedule a custom demo to learn more about GoDocs’ digital solution for non-QM loans.