John Wise, EVP of sales and national production at Newfi Wholesale, identified three key growth areas: an increase in prime jumbo, bank statement loans, and the DSCR product. Wise observed a significant rise in self-employed borrowers due to the pandemic, leading to higher demand for bank statement loans.
“Lots of people are investing in real estate, and the industry is finding creative ways to help satisfy that demand,” he said. “The agencies have taken a less aggressive approach to lending to investors because their charter really is focused on homeowners. And so, we see an opportunity in the private lending space to fill that gap.”
Tristan Kirk, principal broker and managing partner at Citadel Mortgage, sees reverse mortgages as a significant opportunity.
“I think when you look at the general age of the population and then the transfer of wealth… I think reverse mortgage is the product to lean on right now,” Kirk said.
And that’s just the tip of the iceberg. If you want to uncover more opportunities in specialty lending, watch the first Big Question episode for more high-level insights.
Source: mpamag.com