“Making the process similar to agency was a concerted effort,” she said. “The agency is a particular box, which is there to support a certain type of homeowner. It doesn’t mean, with all the different non-W-2 income out there, that there isn’t more of a space for non-QM as our economy changes.”
That space, she said, is likely to keep expanding as more borrowers bring income that doesn’t fit a traditional W-2 model. Freelancers, contractors, and small business owners have become a steadily larger share of today’s homebuyers.
“Non-QM is becoming more routine,” she said. “Helping out with our AUS and other types of initiatives that bring in technology and AI helps us do that.”
Building the technology
Closing the perception gap requires more than messaging. Parkison said it’s important for companies to build out technology and AI to give brokers and homebuyers the same experience with a non-QM loan that they’re getting with an agency loan.
“For companies, I think they should allocate time and resources to research new technology options,” she said. “There’s a lot of different options, and they’re coming up frequently, and today’s shiny object might be different than tomorrow’s shiny object. Having a team or dedicating resources into researching it is really important.”
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