Conventional loans cash out refi's are getting more expensive
For all the BRRRR folks that use conventional loans for your refinance, there are new rate/pricing adjustments from Fannie Mae and Freddie Mac that are going into effect on 5/1/23 that are making cash out refinances more expensive/higher rates. If you happen to be in a high cost area where we have super conforming loan sizes (San Diego, Los Angeles, San Fran, etc) - cash out refinance on those loan sizes are getting really nasty. Just a heads up, cash out refinances will look normal at 60% loan to value. 70% loan to value with 780+ credit scores its a little worse, but not terrible. But 80% cash out rental property refinances are going to be really ugly.
Maybe Non QM loans will fill that space. If there is a need, there is usually another option that will present itself. But, Non QM comes with already higher rates/fees, etc.