Vetting "no-doc/non-QM" lenders

[Ryan Howell]

Hey guys, I've noticed that there seem to be a lot of "lenders" that claim they can do no-doc/non-QM loans.  This area of lending seems to be full of scammers trying to get a high fee up front, which I've found to be one red flag.  Many tell me that an NMLS ID is not required.  I'm really curious what the actual rules are.  I've not had much luck finding details on licensing requirements.  For reference, I'm in NC.  So far, I've stayed with the bigger, national companies for my loans, but I'd love to have a better way to vet these potential lenders, because I'm sure there probably are some good ones that could be a great partner going forward.  Any advice?

[Michal Liviatan Carpenter]

Hi @Ryan Howell

It is true that not in all states the NMLS is required, such as NC and others. All though, the only up front money should be for an appraisal. 
Good luck finding the right one! Word of mouth, reviews, BP profile, they all help too.