Rate Achieves Unprecedented Milestone in Non-QM Loans with the Launch of Edge Non-QM Suite

Groundbreaking Achievement in Non-QM Loans by Rate

In a remarkable advancement for the mortgage industry, Rate, a prominent financial services company, has announced its record-breaking performance in Non-QM (non-qualified mortgage) loans. The achievement follows the launch of their exclusive product suite, known as "Edge Non-QM," which has significantly contributed to their success. In 2024 alone, Rate funded an astounding total exceeding $2.8 billion, marking a historic peak in its offerings.

The "Edge Non-QM" product suite was introduced in January 2024, and has since generated approximately $1.3 billion in funded loans. This remarkable growth showcases Rate's commitment to providing innovative financial solutions tailored for credit-worthy borrowers who do not fit the conventional mortgage criteria.

Kate Armor, Executive Vice President and Head of Enterprise Products at Rate, emphasized the company's dedication to flexibility in mortgage solutions, stating, "Rate is dedicated to creating flexible mortgage solutions for borrowers, and our offerings extend well beyond conventional agency and government loans." With a focus on leveraging cutting-edge technology, Rate has established industry-leading turnaround times that surpass standard market expectations.

The trend towards Non-QM loans has accelerated in the wake of the pandemic, as financial circumstances have evolved and diversified. Armor noted, "Non-QM lending has seen significant growth, a trend that started before the pandemic and has only gained momentum as the economy adjusts to new financial realities." This strategic focus positions Rate at the forefront of a rapidly changing market, ready to adapt and lead whenever necessary.

Furthermore, the focus on Non-QM offerings has made Rate an attractive destination for Loan Officers nationwide. Jeremy Collett, Chief Capital Markets Officer of Rate, remarked, "Loan Officers specializing in Non-QM are turning to Rate for our focus on coupling innovative products with best-in-market technology towards the singular goal of elevating their business."

About Rate

Rate Companies has positioned itself as a leader in mortgage lending and digital financial solutions. Based in Chicago, the company ranks as the second-largest retail mortgage lender in the United States, boasting over 850 branches across all 50 states and Washington D.C. Established in 2000, Rate has successfully assisted more than 2 million homeowners in securing both purchase loans and refinancing.

Through innovative technologies, competitive rates, and outstanding customer service, Rate has garnered numerous accolades. Recent honors include distinctions for being the best mortgage lender for first-time homebuyers by NerdWallet in 2023, and multiple awards recognizing their pioneering FlashClose℠ digital mortgage platform. The company has continually ranked high on Scotsman Guide’s list of top retail mortgage lenders and has been acknowledged on Chicago Agent Magazine's Lender of the Year list for multiple consecutive years.

In summary, Rate is not just maintaining its status as a leader in the mortgage industry but is also pushing the boundaries of what is possible in the Non-QM market. As they continue to innovate and adapt, borrowers and Loan Officers alike can expect exciting developments and opportunities in the future.