“You don’t speak about the programs. Just speak to the problems we can solve,” he said. “The ability to use deposits into your bank account to calculate income. The ability to go to 55% debt-to-income ratio. The ability to exclude the cost of your departing residence.”
This problem-led framework is particularly useful for self-employed and investor clients, who often find the mortgage qualification process opaque. According to Ghobadian, it doesn’t have to be a “black box” if brokers clearly identify and communicate the borrower’s pain points upfront.
Managing rising risk with smarter communication
The call for clarity comes at a crucial moment. The 60+ day delinquency rate for non-QM loans hit 3.6% in March 2025, according to RiskSpan and other portfolio analytics firms. That’s up sharply from a post-COVID low near 1%. While some of that uptick reflects broader economic stress, it underscores the stakes of proper borrower fit.
“I don’t think it’s non-QM specific,” said Ghobadian of the delinquency trend. “It’s generally economic. But what you can do is communicate the options that exist to help people alleviate financial stress” through refinancing, longer terms, or restructuring debt.
Serving the gig economy with tailored advice
With over 70 million Americans now in the gig economy – many of whom rely on irregular income for essentials, according to Pew Research and GigEconomyData.org—non-QM has become a crucial path to homeownership. Yet the complexity of these products means brokers must step up their advisory role.