Top 10 U.S. mortgage lender Rate is investing in the nonqualified mortgage (non-QM) space by launching a new suite of products. It aims to attract borrowers with nontraditional financial profiles, including self-employed individuals, small-business owners, freelancers and real estate investors.

The Chicago-based lender ranked as the eighth-largest in the country, originating $39.6 billion in mortgages in 2024, up 15% year over year, according to Inside Mortgage Finance data.

In the non-QM segment, Rate originated about $2.8 billion in 2024, which was a “massive gap for us,” according to President Shant Banosian.  

“[Non-QMs are] something details ⇒

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