Beyond the Agency Box: Why Non-QM Could Define the Next Decade of Mortgage Lending with Bill Dallas of Dallas Capital

The mortgage industry is entering a period where relying on the traditional agency model alone may no longer be enough. In this Hot Topic, David Lykken sits down with mortgage industry veteran Bill Dallas to explore why Non-QM and non-agency lending could become some of the industry's biggest growth opportunities over the next decade. Drawing on decades of experience spanning origination, capital markets, product development, and multiple market cycles, Dallas explains how today's borrower has fundamentally changed—and why mortgage lenders must change with them. From HELOCs, DSCR and bank-statement loans to interest-only products and investor financing, the conversation examines how lenders can move beyond a one-size-fits-all agency approach and become solutions-driven organizations equipped with a broader product toolbox. More importantly, Dallas shares why successful lenders must rethink product development, liquidity, capital markets, underwriting and risk management if they want to capitalize on the opportunities ahead.