Verus Mortgage Capital (VMC), a full-service correspondent investor that offers residential non-QM and investor rental programs, has resumed purchasing non-QM loans.
VMC placed a moratorium on non-QM loans at the beginning of the COVID-19 pandemic, as many non-QM investors and non-QM lenders were backing away from the product in anticipation of the economic consequences of the outbreak. Now, however, VMC is actively investing in new-origination and pre-pandemic loans.
CMV is one of the largest non-QM issuers and provides lenders with non-delegated, delegated and pre-funding review or bulk loan delivery options. It purchases loans in all 50 states, and its offerings include LTVs up to 90%, cash out up to $500,000, full and alternative documentation, and foreign national. It focuses solely on the non-agency market.