Bringing Back Non-QM

Litigation Guard, LLC and Bankers Insurance Service (BIS) have launched an online product for lenders that seeks to revitalize lending in the non-QM market. Litigation Guard and BIS are providing a technology and insurance solution that is aimed at reducing lender risk by providing a valuable defense against “Ability-To-Repay” claims, while also educating borrowers on the mortgage process and terms of their loans.

Litigation Guard provides third-party verification that borrowers have the ability to repay their loans. Litigation Guard uses a proprietary algorithm, along with online assessments, educational videos and other web-based tools that mortgage originators use during the underwriting approval process. This verification system, which takes only minutes for the borrower to complete, gives the mortgage originator confidence that the borrower has the ability to repay the loan and is educated on the mortgage lending process. Importantly, once the loan receives an approval from Litigation Guard and the loan closes, unique E&O insurance applies.

via progressinlending.com | Bringing Back Non-QM.

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