YellowFi, through its affiliate BC Finance, signed a brokerage deal with Quicken Loans, the nation’s largest mortgage lender, to widen access to Qualified Mortgages (conventional loans), as well as non-Qualified Mortgages (non-QM), to buyers looking to take advantage of the current real estate market opportunities.
“There are vast opportunities to invest in real estate at this moment. The COVID-19 pandemic has shaken the real estate market in interesting ways,” said George Zac Zac, CEO of YellowFi. “Interest rates are at record lows triggering mass refinancing. Millennials are buying and relocating, empty nesters are downsizing, families are going after larger homes with spaces that accommodate their new needs - home office and homeschooling.”
Average 30-year and 15-year fixed-rate mortgage rates have stayed below 3% for the last weeks - the lowest rates on record - and keep taking sporadic dips. According to Freddie Mac’s weekly report, at the close of August, interest rates had already come down to 2.91%, slightly above the previous record low of 2.88%.
This has triggered people to refinance their homes and created an incentive to buy. Home sales saw a boost of nearly 6% in July, according to The National Association of Realtors.
YellowFi, through its affiliate BC Finance, is Nationwide Mortgage Licensing System and Registry (NMLS) licenced in Florida, Georgia and Colorado, three states that are experiencing a surge in home sales.
“This deal opens up the door to offer Qualified Mortgages to a much larger segment backed by Quicken and Loans (RQT), the largest non-bank Mortgage Lender in America, giving many more families the opportunity to realize the dream of having their own home. ,” concluded Zac Zac.
YellowFi is one of the top U.S. Southeast region’s private residential lenders for the Non-Qualified Mortgage (non-QM) segment. The company has originated more than $400M dollars to real estate and credit markets over the last 10 years, which has helped fuel the $265B non-QM loans market. YellowFi seeks to originate $1B for the real estate and credit market deals by 2022. Today, the company employs 18 professionals, works with investors in several countries and has positively impacted more than 2,000 individuals and companies.