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Deephaven Mortgage’s answer to a slow mortgage market is to widen the borrower pool. Brokers should stop waiting for conventional agency lending to recover, the lender says, and add non-QM and other specialized loans. That is the argument in a partnership feature that Mortgage Professional America (MPA) published on September 16, 2024, built around Tom Davis, Deephaven’s chief sales officer.
This is a lender’s sales case, not independent research. It also dates from 2024, so it says nothing verified about 2026 rates, availability or underwriting. Read it as a statement of strategy and check the specifics before acting on them.
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The core argument: serve more kinds of borrowers
The feature says many originators compete for the same agency-eligible borrowers. In its view, a broker with only conventional products has a narrow lane when the market is tight. It proposes that brokers learn non-QM and related products so they can serve people whose income, credit, investment plans or property type do not fit agency rules. It also suggests that doing so could set a broker apart and help build relationships with realtors, builders, developers and investors.
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He also says: “The reality is most brokers are vying for the same borrowers and the same business – why wouldn’t you strive to serve the needs of a broader range of clients? Master these products and position yourself as a market expert who provides value to the community, to borrowers, and to realtors.”
That is Deephaven’s position. The feature offers no data showing that brokers who add non-QM originate more, earn more or keep clients better.
Borrower segments the feature names
- Self-employed borrowers. The feature points to bank-statement lending for some of them.
- Real-estate investors. It points to DSCR (debt-service coverage ratio) cash-flow loans.
- Foreign nationals.
- Borrowers with unique credit situations. Expanded-prime and non-prime products are aimed at this group.
Loan categories described
| Category | Who the feature says it fits | What the feature does not give |
|---|---|---|
| Bank-statement loans | Some self-employed borrowers | Current documentation rules, rates, eligibility |
| DSCR loans | Investors qualifying on property cash flow | Current ratio requirements, pricing, geography |
| Expanded-prime and non-prime | Borrowers with distinctive credit profiles | Credit thresholds, pricing, overlays |
| Equity-advantage second mortgages (HELOCs and closed-end seconds) | Homeowners tapping equity | Terms, combined loan-to-value limits, costs |
| Residential transition loans | Ground-up construction, fix-and-flip, bridge financing | Terms, experience requirements, draw process |
The feature says business-purpose lending is available through some Deephaven DSCR, expanded-prime and non-prime products. Because the piece gives no current rates, fees, recourse terms, state availability or borrower-outcome data, it cannot support a ranking of these products or a suitability judgment for any borrower.
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The feature backs its case with market numbers. Most come without a named publisher, measurement date or definition, so treat them as claims made in a 2024 promotional piece.
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Housing supply and homeowner equity
- It cites an estimated US housing undersupply of five to seven million homes and existing inventory of around 1.3 million units, with no underlying publisher or date.
- It reports a $1.3 trillion increase in homeowner equity, attributed to CoreLogic’s then-latest Homeowner Equity Insights report without naming the edition. A graphic adds that 62% of homeowners saw equity rise 9% year over year as of Q4 2023. That wording is ambiguous, so go to CoreLogic’s original metric before repeating it.
- It says the average US home is 35 to 40 years old, with no source.
Self-employed and small-business borrowers
- The text estimates 20 million self-employed people and more than 30 million businesses, with no data date. A graphic is more specific, citing the Bureau of Labor Statistics for 16 million self-employed people in the US workforce as of January 2023 and the Small Business Administration for 33 million small businesses (year not stated).
- Davis estimates that 50 to 60 percent of non-QM loans serve self-employed borrowers, mostly through bank-statement loans. That is a lender representative’s estimate.
Investors and rentals
- It says 30 to 35 percent of non-QM loans are DSCR loans, with no source or date.
- Investors made 26% of purchase transactions in 2023, attributed to CoreLogic. The feature’s graphic says 27%. The two numbers conflict, so confirm with CoreLogic if precision matters.
- It cites the Census Bureau’s Rental Housing Finance Survey for 20 million US rental properties holding 48.2 million units (year not stated).
Buyers, construction and household debt
- It says 43 percent of homebuyers were millennials, attributed to the National Association of Realtors, year not stated.
- It says new construction accounts for 30 percent of home purchases or new-home sales, attributed to the National Association of Home Builders, with scope and date unstated.
- It mentions $1.6 trillion in credit-card debt and $1.1 trillion in auto loans, with no date or direct source.
The feature also pairs “90,000 versus 160,000” originations and “$1.8 trillion versus $4.4 trillion” market size. Without clear units, periods or definitions, those pairs are not reliable enough to quote.
What Deephaven says it offers brokers
The feature describes training webinars, help structuring loans and presentations for brokers’ referral partners. Davis says: “One thing we do better than anybody else is provide support, training, and education – and create awareness within the industry.” That is a promotional claim, not a comparative finding. The feature does not establish current program terms, availability to a given broker, or compensation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Questions to ask before building a pipeline around this
The feature frames the goal as two questions: how do you help the realtors, builders, developers and investors, and how are you serving a wider pool of borrowers? A broker weighing the strategy can turn those into checks against current lender documents:
- Which borrower segments in your market are being turned away by agency lending, and which of the categories above actually match them?
- What are each product’s current eligibility rules, documentation requirements, pricing, fees and state availability?
- For business-purpose products, what are the recourse and licensing implications for you and the borrower?
- Does the lender’s training and support cover what your referral partners will ask?
- Do the market statistics you plan to cite trace to a current primary source with a stated date?
The feature supplies none of these answers. What it does provide is a clear statement of one lender’s view: in a slow market, a broker with a broader product menu has more to offer.
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