Estimated total Non-QM origination volume, including securitized and portfolio loans.
Total Non-QM origination count across U.S. markets.
Non-QM as a percentage of the total U.S. mortgage origination market.
A Non-Qualified Mortgage is any home loan that falls outside the Consumer Financial Protection Bureau's Qualified Mortgage standards. That doesn't mean risky — it means the borrower's income, documentation, or loan structure doesn't fit the conventional box. Bank statement borrowers, DSCR investors, interest-only products, and loans sold to private securitizers all fall into Non-QM.
Non-QM is not subprime. It's a growing segment of creditworthy borrowers — self-employed professionals, real estate investors, and high-net-worth individuals — who need financing that conventional guidelines can't accommodate. In 2024, Non-QM reached $182 billion in origination volume across 559,000+ loans. Understanding where this volume is concentrated, who's lending it, and how fast it's growing is how you find the opportunity.
Whether you're sizing a new market, building a pitch, or benchmarking your production against the competition — Non-QM market data helps you make the case with numbers, not guesswork.
Use it to size the Non-QM opportunity in their footprint and identify which metros or neighborhoods are growing fastest.
See which Non-QM products are moving in your market and where borrower demand is strongest.
Identify high-growth Non-QM markets to recruit brokers and position your products where demand is building.
Analyze Non-QM origination patterns by census tract, income level, and demographics for fair lending review.
Polygon Vision gives you loan-level Non-QM data for any state, MSA, county, or census tract — including lender rankings, borrower profiles, and borrower-paid pricing. Free for 7 days.
Polygon Research estimates that Non-QM loans represented 9.0% of total U.S. mortgage originations in 2024 by loan count and 8.9% by dollar volume, totaling approximately $182 billion across 558,979 loans. This estimate is based on loan-level HMDA data classified using the ATR/QM regulatory framework.
Non-QM loans include mortgages that do not meet Qualified Mortgage standards due to factors such as alternative income documentation (bank statement loans), debt service coverage ratio underwriting (DSCR loans for investors), interest-only payment structures, pricing above QM thresholds, or sale to private securitizers rather than government-sponsored enterprises. For analytical purposes, Polygon Research also flags business-purpose and DSCR loans separately within the Non-QM category.
Yes. Polygon Vision provides loan-level Non-QM analysis filterable by state, metropolitan area, county, and census tract. Data includes origination volume, top lenders, borrower profiles, pricing, and year-over-year growth trends. Free state-level reports are available on this page, and full interactive data is accessible through a 7-day free trial.
Each HMDA loan record from 2018 through 2024 is evaluated against year-specific Ability-to-Repay and Qualified Mortgage standards from 12 CFR §1026.43. Classification is based on observable loan characteristics including pricing thresholds, product features, fee structures, and purchaser type. The full methodology is publicly documented.
Most industry estimates rely on securitization data, inferred flags from known Non-QM lender names, samples, or lock activity. Polygon analyzes all funded HMDA loans, including portfolio lending, providing a more complete and transparent view of the Non-QM market.
Yes. For analytical purposes, business-purpose and DSCR loans are incorporated into the Non-QM category and flagged separately, even though ATR/QM rules do not govern business-purpose credit.
Yes. Polygon's Non-QM classification is fully transparent and built on specific, loan-level reason codes (pricing, fees, product features, purchaser type, and more). Users can filter and adjust these factors to focus only on regulatory features or build a custom definition aligned with their strategy, risk, or compliance needs.
No. Polygon Research's Non-QM designation is a Regulation Z informed analytic classification designed for market intelligence, benchmarking, and strategy. It is not a substitute for lender-side legal or compliance determinations.
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