The needs of the housing market are constantly changing. Over the past year, we’ve heard a chorus of brokers talk about the unprecedented demand for niche products such as non-QM, fix and flip, and bridge loans, to name a few. Housing Industry Icon Taylor Stork reaffirmed this as he discussed with MPA how alternative loan programs can fill in the gaps of traditional agency financing.

“When people talk about niche products, we often think of the old stated income/stated asset and portfolio loan programs of the past,” Stork, chief operating officer of The Developer’s Mortgage Company, said. “Today, we need to solve the ‘qualified mortgage’ problem faced by those who can’t use traditional methods to document their income. So, we turn to a more contemporary breed of non-qualified mortgage products for the self-employed, or business purpose loans for investment properties.”

However, Stork pointed out that there is a growing need for niche agency programs as well. Reverse mortgages, FHA 203k/renovation loans, and Fannie Mae and Freddie Mac’s Home Ready and Home Possible are some of the programs Stork thinks mortgage professionals should brush up on.