05.16.2022
Non-QM Lenders are Racing to Stay Ahead of Rates
For those failing to bump rates fast enough, the outcome could be a portfolio of underwater loans, mortgage-industry executives say Non-QM lender First Guaranty Mortgage Corp. (FGMC) filed for Chapter 11 bankruptcy protection at the end of June — leaving four warehouse lenders on the hook for more than $415 million. Sprout Mortgage imploded in early July, leaving its employees … Continued