We co-sponsored the IMN “Non-QM Mortgages: A Return To Normal” webinar on July 16. Kenon Chen, our EVP of corporates strategy, was a panelist along with others from PCMA Private Client Lending and HomeXpress Mortgage Corp. They discussed the topic of “Minimizing Underwriting & Financial Risk for Non-QM Loans”.
Questions discussed included:
• Pre-qualification procedures, calculating bank statement income & ability to pay: Tech & automation best practices to increase efficiency & decrease risk
• Valuation/Performance/Risk Management/Hedging
• The latest on the rate of impaired payments, forbearance, prepayments and recapture
• How many months of bank statements do you look for?
• Comparing full doc vs. self-employed borrower’s performance
• Appraisals in a coronavirus world
• What are the most prominent factors that impact performance of different products
• Any tweaks to the risk models?
• Which hedges were most effective over the coronavirus crisis?
As discussed in the webinar, Clear Capital developed OwnerInsight™ for the mortgage industry to reduce the frequency of in-person interaction to mitigate the spread of COVID-19 in response to the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac’s temporary approval of alternative appraisal products.
OwnerInsight is a homeowner-enabled appraisal inspection tool, available to all lenders, appraisers, and AMCs at no cost.
To learn more about OwnerInsight, click here.
