There are a lot of different options when it comes to getting a mortgage and it’s important to choose the right one to fit your needs. As someone with over a decade of experience in the mortgage industry, Michael Nierenberg states that there are new options when it comes to obtaining a mortgage that may be exactly the product that you are looking for. Some mortgages are considered qualified mortgages while others are considered non-qualified mortgages. The ones that are qualified meet certain standards from government agencies.
At New Residential Invest Corp, they use both origination services along with nonqualified mortgage securities for their real estate investment trust. Traditional mortgages tend to be very rigid and this results in many potential homeowners being denied the financing that they need to get a new home. Some of the people that Michael Nierenberg sees suffering the most from the rigid processes are those with a lot of assets, foreign nationals, and the self-employed.
The inability to get financing for a home is a problem that has been growing substantially in recent years and these nonqualified mortgages have been helping many of these people achieve their dreams of owning a home without having to go through a traditional bank or mortgage lender. The standards are less rigid and allow consumers to show proof of income through financial statements rather than having to provide a W2 or paystubs. If you have been denied for a loan because of one or more of the reasons listed above, you may still have options.
Michael Nierenberg is the Board Chairman of New Residential Investment Corp. He was appointed to this position in 2016 and prior to this had been named the company’s President and Chief Executive Officer in 2013. Before taking this position with New Residential Investment Group, he had been with the Bank of America Merrill Lynch as the head of their Securitized Products and Global Mortgages since 2008. He took this position after working with JP Mrgan and Bear Stears. Throughout his career, Michael Nierenberg has seen a lot of changes with mortgages that have developed in order to meet new regulations and economic needs in the United States.