ACC Mortgage keeps it simple

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ACC Mortgage is keeping it simple for brokers and customers alike, sticking to its “core four” segments of non-QM mortgages

ROBERT SENKO has a business mantra: “Less is more.” Companies often hear about sticking with core competencies. Senko, the president of ACC Mortgage in Maryland, has his own “core four” when it comes to making non-QM mortgages as simple as possible. The company’s core four non-QM products are:

ACC (All Credit Considered) Mortgage is celebrating 25 years of service this year. Operating in more than 29 states across the country, we operate on simple principles – superior service, a complete financial review, and bettering the financial position of the borrower and the community. This has led to us closing billions of dollars in loans over the years. We take pride in closing loans that no one else can, based on our philosophy, our experienced and service-oriented employees, and our commitment to our customers and mortgage professional partners. At ACC, commitment to the customer comes first.

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Home purchase loan average credit score (2022)

776

“Humans are humans. You can only process so much information”

Robert Senko, ACC Mortgage

Second Chance looks at recent credit history and housing events, where a buyer may have the money but is prevented from going into the conventional prime space. Prime Plus is more inclusive, while ACC is one of the biggest ITIN lenders in the country. Prime concerns itself with the basics of non-QM lending, like looking at recent bank statements or clients’ P&Ls. “I want folks to know that we are the oldest non-QM lender in the industry,” says Senko. “We’re the leaders. We’re not playing catch-up.” Seated behind Senko is a replica of the Stanley Cup, which certainly stands out in the office of the Washington Capitals’ fan, prompting him to joke that while hockey teams need their defensive and offensive lines working, the ACC team has its own four lines to help the non-QM sector win.

Having the core four team working in tandem or separately “makes it easier. It’s easier for the loan officer. It’s easy for our sales team. It’s easier for our operations team. It just reduces the operational friction that goes on.” For a loan officer, it simplifies the rate sheet. While tweaks can be made, it helps them learn the inner workings of the core four more quickly and more deeply.

“There are companies that just really focus on DSCR. There are investors who focus on Prime Plus – that’s all they do,” he says. The core four program “creates efficiency for the loan officer to understand.”

Finding the flexibility

Published 05 June 2023

“I want folks to know that we are the oldest non-QM lender in the industry”

Robert Senko, ACC Mortgage

(QM conventional)

771

(non-QM)

714

(government)

Source: www.corelogic.com/intelligence/share-of-non-qualified-mortgages-increases-in-2022/

Reasons why non-QM loans failed to fit the QM box (2022)

Source: www.corelogic.com/intelligence/share-of-non-qualified-mortgages-increases-in-2022/

55% of non-QM borrowers used limited or alternative documentation

26% exceeded the 43% DTI threshold

23% of non-QMs were interest-only loans

(this share of non-QM loans exceeding the 43% threshold has increased, and was three times higher in 2022 than in 2014.)

Prime Prime Plus – ITIN DSCR Second Chance

“I look at a lot of our competitors and there’s all these spreadsheets for price and product comparisons,” he says. ACC decided to move away from that approach and instead distill it all down to the core four ways to handle non-QM mortgages.

Senko started his career as a broker, and later made the move to loan officer. He's grown with the company, which is now entering its twenty-fifth year in business – one way it differentiates itself from the competition. And with the core four program, “there’s a good chance ACC is going to be able to cover [any non-QM] and try to take away the noise and be able to deliver a repeatable process with a consistency of execution that you get with building that consistency and that volume.”

The experience gained by the company over the decades means it makes things look easy, according to Senko – particularly compared with others in the field who may not have a similar track record. "I'm not knocking our competitors," he says, "but when we look at our track record, performance, and modelling, this gives us the ability to say, 'Okay, this is what the market needs. This is where we go. We're not going to get distracted.'"

Senko has chatted with other mortgage professionals who have been in the industry for more than 20 years, and some are still “confused” by non-QM. That’s why it’s so important for the company to be flexible when needed, he says, and “break the process down to the core essentials,” which, with a satisfied customer, will also help with referrals.

ACC’s twenty-fifth anniversary

“Humans are humans. You can only process so much information,” he says. “More is not better. It can be more confusing. Less is more, in my opinion.”

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