Some players in the market hoped that once the QM patch expired a significant amount of originations would shift from the GSEs to the non-agency market. But those hopes are fading...
Moody's believes that relying on less than 12 months of a borrower's bank statements increases the risk a non-QM loan may not meet the CFPB's standards...
Angelo Gordon's GCAT 2020-NQM1 includes non-QMs, investment-property loans exempt from QM standards and mortgages originated by CDFIs, which reduce risk-retention requirements.