Maxex, the mortgage exchange, has expanded its non-QM offering to include the industry’s first multi-seller to multi-buyer flow liquidity program for alternative documentation (AD) loans.
The growing market for creditworthy borrowers with non-traditional income remains a steady trend amid the past two years of mortgage industry volatility. As more business owners, gig workers and other non-W2 wage earners continue to vie for homes in today’s high-cost/low-inventory housing market, lenders’ ability to evaluate and serve these borrowers is pivotal to the long-term success of both. However, the lack of standardization and transparency has long been a barrier to broad access to liquidity for this burgeoning segment.
Maxex is solving this by delivering the first flow loan program to connect mortgage originators with multiple buyers of alternative documentation loans via a single exchange, using a single contract, single set of guidelines and a standard fulfillment process.
“Borrowers with non-traditional, supplemental or hybrid income are no longer the exception in the homeownership equation, making lending programs that accept alternative documentation a must-have for today’s mortgage lender,” says Brennan Walters, chief revenue officer of Maxex.
This new program – Maxex Non-QM – will enable originators on Maxex’s exchange to access competitive daily pricing from multiple buyers of fixed- and adjustable-rate mortgage loans using bank statements, P&L statements and 1099s to document income. It is expected to be available to originators this summer.