No, there was a reason that loansharking was illegal, and for a long time.
No doc loans have NOT existed for a long time.
Loansharking, and providing a real estate mortgage, at a decent interest rate, to someone creditworthy, but who can’t prove income, are as different as Peg Bundy and Julia Child.
You do realize that “no doc” interest rates are usually no more than 1.5 points higher than standard, right? You do realize that they still have to have a valid social security number and valid ID, right?? Well, 99% of them do, but that’s a different story.