Non-QM Final Gap Audit
Final MortgageDadOf3 review of the Non-QM library: what is covered, what varies by investor, and how to avoid turning one lender's matrix into a universal mortgage rule.
What V67 closes
Self-employed consolidation; credit/LTV/reserve matrix concepts; prepayment-penalty caveats; occupancy and investment distinctions; property-type eligibility; lender-decline diagnosis; investor rules vs lender overlays; and Jumbo/QM/Non-QM terminology.
What remains intentionally variable
Private-investor matrices change. The library therefore avoids publishing a universal minimum score, maximum LTV, DTI, reserve requirement, bank-statement period, DSCR threshold or seasoning rule as though it applies universally across Non-QM products.
The core decision framework
Classify loan purpose and occupancy → identify documentation path → evaluate borrower credit/equity/reserves → evaluate collateral → identify investor matrix → identify lender overlays → confirm state/product eligibility.
The most important consumer distinction
Alternative documentation is not the same as no documentation, and Non-QM is not synonymous with subprime, jumbo or non-conforming.