At the beginning of the pandemic, I started my own mortgage branch at one of the biggest national lenders, Paramount Residential Mortgage Group. There, I grew a team from zero to seven mortgage loan officers and grew my experience in DSCR, conventional, and jumbo mortgages. At PRMG, I started funding millions of dollars a month, thanks in part to the new technology in the mortgage world, but especially because of the low rates brought on by the pandemic.

Approaching the end of the pandemic, there was a big shift in real estate investment resulting in DSCR mortgages gaining popularity with lenders and investors alike. PRMG was one of the first national lenders to offer a DSCR program, the program allowing investors to qualify for financing based on the income a property can generate, but the documentation requirements were nothing like the low documentation required in today’s DSCR loans.

In other words, it was still a pain to write these types of loans. One of the most common questions investors I worked with at PRMG asked was “Why do you need my tax returns?”. In contrast to today, I write DSCR mortgages with one month’s worth of bank statements showing proof of funds to close.