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How Subprime Loans Differ From Non-QM Loans: A Hard Money Lender’s Perspective.

Posted by Jim Emerson

Oct 19, 2020 11:00:00 AM

During the Great Recession of 2008, millions of Americans lost their homes. The housing market collapsed, leaving the national economy in shambles.

Finger-pointing was common in the years to follow, but most financial experts can agree to one major cause: subprime mortgages.

Subprime loans are dangerous because they hide behind the pretense of helping low-income Americans.

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Topics: houston hard money lenders, private money lender, subrpime loans, non qualified mortgage loans, non qm loans

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© AMI Lenders Inc. 2023
   
Equal Housing Lender at AMI Lenders
AMI Lenders, 710 N Post Oak Rd #208, Houston, TX 77024
AMI Lenders Inc. Residential Mortgage Loan Originator NMLS 320385 State of Texas Office of Consumer Credit Commissioner Regulated Lender License #51409
710 N Post Oak Rd Suite 208 Houston TX 77024
Jeff Emerson: NMLS #320687

Figure: 7 TAC §80.200(b)

"CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”

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