The State of Non-QM

THE BASELINE

Six investors are indexed on Altyverse: Logan Finance, NQM Funding, Onslow Bay, Verus Mortgage Capital, eRESI, and Redwood Trust. That's 25 guideline documents made searchable, cross-referenced, and queryable by loan originators who used to keep this information in browser tabs and PDFs scattered across a hard drive. This is the infrastructure layer, and it's built.

Eight public scenarios are published on the Scenario Desk. These are real structuring questions with real answers, now indexed for every LO on the platform to search before they call an AE. The Deal Wall has its first closed deal posted, a DSCR transaction, marking program-level closing data as a tracked category starting now, not a hypothetical for later.

THE COVERAGE MAP

Six investors across DSCR, bank statement, and asset-based programs are indexed today. That number moves every quarter, and which investors get added next will be driven by what originators are actually asking about, not what's easiest to index. Coverage expands where demand shows up, and demand data starts accumulating this quarter.

Guideline retrieval by investor is a metric we will report going forward. Right now, the pipes are laid: 25 documents indexed, six investors covered, and a system built to log every guideline pull and every scenario query as they happen. Nothing here is a beta test. It's the measurement layer for an industry that has never had one.

EARLY SIGNAL

Four members and 23 community posts is where the conversation starts, not where it stops. Scenario Desk questions logged this quarter: zero, which means tracking begins now. Next quarter's report will show topic demand for the first time: which programs, which structuring problems, which investor overlays originators are actually asking about, ranked by real usage instead of guesswork.

The first closed deal on the Deal Wall was DSCR, making it the most common program by a field of one. That's not a trend yet. It's a first data point in a series that will get more interesting every quarter it compounds.

WHAT NEXT QUARTER'S ISSUE WILL MEASURE

Q4 2026 will report scenario demand by topic, ranking which structuring questions originators ask most. It will report guideline retrievals by investor, showing which of the six indexed investors get pulled the most and why. It will report closings by program, expanding past a single DSCR deal into a real distribution across programs and investors.

This is the starting gun, not a warmup lap. Every metric in this report exists because the platform was built to track it from day one. The lenders and LOs paying attention now will be the ones with the sharpest read on where non-QM demand is actually moving, months before it shows up anywhere else.