National mortgage lender Rate reports that it funded more than $2.8 billion in non-QM mortgage offerings in 2024 – its best year to-date.
Launched in January 2024, Rate’s proprietary non-QM product suite, “Edge Non-QM,” has been a major driver of this success, with $1.3 billion in funded loans.
This growth underscores Rate’s commitment to providing inventive financial solutions to credit-worthy borrowers who fall outside traditional mortgage guidelines.
“Rate is dedicated to creating flexible mortgage solutions for borrowers, and the company’s offerings extend well beyond conventional agency and government loans,” says Kate Armor, executive vice president and head of enterprise products for Rate, in a release. “Those watching the space know Rate stands strong at the forefront of non-QM, continuously refining its product offerings with award winning technology to achieve a turn time below the industry standard.”
The upward trend in Non-QM loans has accelerated in the post pandemic economy, catering to non-traditional income types and diverse financial situations.
“Non-QM lending has seen significant growth, a trend that started before the pandemic and has only gained momentum as the economy adjusts to new financial realities,” Amor says. “Rate’s strategic focus on this segment highlights our always-on ability to adapt and lead in any market dynamic.”
It’s this focus and determination that makes Rate a top destination for LOs across the nation.
“Loan officers specializing in non-QM are turning to Rate for our focus on coupling innovative products with best in market technology towards the singular goal of elevating their business,” says Jeremy Collett, chief capital markets officer for Rate.
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