Lender Products

[bizneswoman]

Are there any lenders that have programs for clients that have only one fico score?

[Secret!]

Originally Posted by bizneswoman

Are there any lenders that have programs for clients that have only one fico score?

... seriously, those type applicants are called RENTERS! We don't need loans like that clogging up our industry, crazy/stupid ill-conceived wholesale lender programs (that might do that deal) have helped put the industry right in the toilet where it is today ... turn them down and generate another applicant.

[cheatherdale]

I'll half agree to Secret that clients with low scores (showing how dependable they are with payments) have driven the market to where it's at, I'm guilty for closing several subprime loans. Although I doubt there are many lenders that do unless they have a significantly large downpayment (30%) or qualify for FHA loan. But there are circumstances to where someone only pulls up one score. Best way to go about your business is to do the best you can for your clients, I'd only turn them down if I can't find the answer, but it doesn't mean that I wont try...

[Secret!]

Originally Posted by cheatherdale

I'll half agree to Secret that clients with low scores (showing how dependable they are with payments) have driven the market to where it's at, I'm guilty for closing several subprime loans. Although I doubt there are many lenders that do unless they have a significantly large downpayment (30%) or qualify for FHA loan. But there are circumstances to where someone only pulls up one score. Best way to go about your business is to do the best you can for your clients, I'd only turn them down if I can't find the answer, but it doesn't mean that I wont try...

I can translate that into English fo rour readers: "I'd only turn them down if I can't find the answer, but it doesn't mean that I wont try..." - I'm in business to make money, if I can find a reckless funding source, I get paid!
Same here: "Best way to go about your business is to do the best you can for your clients" Nope, if clients want to buy a home and they should stay RENTERS longer, than their wishes mean ZIP

Folks, it's NOT about can I get this deal done and make $$$, or I'm only dong my job, or I'm doing my best to help them .... it's about originating loans that that should be approved OR they blow up in the lender's face and blow up YOUR career later ... YOU ARE YOUR BROTHER'S KEEPER

I learned to watch out for the other guy, RAT OUT CHEATING LO'S YOU KNOW, protect LENDERS from themselves, etc. back when I was a twenty-something snot-nosed LO ... and guess what? Thinking like that has served me (and the thousands of people who have worked for me and learned that lesson too) well since then! How long has that been? 40+ years!

[AMPNATE]

Secret. I can remember when you were saying this was going to happen over a year ago if people kept doing those stated and NINA programs.
Now hear we are in this mess. Keep on keeping it real. Save us from ourselves we need it. You were on the money!!

[Secret!]

Originally Posted by AMPNATE

Secret. I can remember when you were saying this was going to happen over a year ago if people kept doing those stated and NINA programs.
Now hear we are in this mess. Keep on keeping it real. Save us from ourselves we need it. You were on the money!!

Thanks for that vote of confidence pal! Ya know, at that place where I work, we do lots of stuff to help industry people, check it out ... Can We Help You?

[Greg]

Anyways...

With FHA or USDA you can build alternate tradelines that support that the borrower is creditworthy.

There is not a score mentioned here nor any details of the credit report.