More lenders are stepping into the non-agency market, with W.J. Bradley Mortgage Capital introducing the first program in its new WJB | ONE portfolio of specialized first mortgage programs that provide financing opportunities for prime borrowers.

The program offers financing for non-warrantable condominium projects, giving borrowers who are ineligible for traditional lending programs a chance.    

“We are going on the offense with ability-to-repay. The regulators say, ‘Hey lenders you have an obligation to ensure your borrowers repay. Whether you decide they can repay or not, if it falls out of the QM box, I am going to require you to have some skin in the game,’” Howard K. Michalski, executive managing director, said.

"We are going into this thoughtfully and cautiously because we have an obligation to our borrowers and lenders, which is why we are rolling out incrementally," he added.  

As the rest of the year continues, the company will introduce other WJB | ONE programs, such as those that serve high-net-worth borrowers with liquid assets, as well as provide higher loan amounts for investment properties and cash-out refinance options for second home owners who own multiple financed properties.  

“We are comfortable originating and holding an interest in these loans, based on our capacity to qualify and document borrowers’ ability to repay and having proven the precision of our overall manufacturing process,” J. Michael Kime, chief operating officer for W.J. Bradley, said. 

"Qualified Mortgage is just another massive regulatory consideration for us. We have always tried to master regulatory compliance instead of being a victim," continued Michalski