theres got to be a better way?

[rgloans]

Hello Friends, I have a question which is how do I take a client with all 1003 information and spend the least amount of time looking to place the loan? a system that will show ysp and doc type. I will like to spend max 2 hrs. after 1003 and credit. I currently use a product search that only tells me of all subprime lenders, then i fax them the 1003 and credit and wait for an answer which could take up to 2 days. sure hope theres a better way. I tried looking into lockdog, and Lion inc, but they don't do subprime, and there is LYNX which really expensive for one man shop.
Appreciate the help guys!

[Greg]

Did you see the sticky post that has scottsman guide? It has prime and sub-prime.

[Secret!]

You don't know how good you have it these days. Not all that long ago, either you knew who would fund your loans, or you paid somebody (the Mortgage Trading Desk at most Wall Street firms) 50 bsp merely for the name and phone number of a likely funding source, AND also signed an exclusive contract to pay 50 bsp for the rest of your life, if you ever used that funder again.

"I" have paid many hundreds of thousands of dollars myself personally doing exactly that.

[The Wizard]

Wow...Secret we do have it much easier these days.

[HisHouseMortgage]

Hey RG, I know what you mean. I used to do the same thing. We are set up with over 180 sub prime lenders alone and it can get frustrating. What I found out awhile ago is that most sub prime lenders offer the same products at about the same rates and paying the same YSP. Pick out about 4 to 5 that sem to be doing most of the business with your co-workers or ask who likes who here in the forum. Start building relationships with the AE's of these lenders by calling them personally and going over your scenario with them. Usually you can get a verbal prequal from them right over the phone to see if you even want to send them your file. You must remember that their pre qual is only as good as the info you give them so make sure you disclose everything to them. Give them the facts and only the facts, they don't care that the client's dog ate their payment but they do care if it is 100% RURAL or stated, or some other goofy thing that will effect rate and terms of approval.
Another way there are now Sub Prime lenders that have online submissions and pre quals available at your finger tips. Thats right just like DU you can actually upload a file and the system will approve, grade and stip your file. Of course as mentioned before, make sure you put all correct info in system. You can actually have an approval to give your clients in about 30 minutes instead of 2 days. Talk about saving time.
Some of these lenders that offer on line pre quals and submissions and are my favorites as well are
Peoples Choice
Option One
First Franklin
Kellner Mortgage
Now if you have a specific nich product that requires more homework than it will take a little longer but in most cases you will drastically reduce the time you are going from originating to processing.
Hope this helped and good luck
Jim

PS. Secret, Thanks again for the "Working at Home" CD. Everyone should get one.

[Secret!]

Amanda, next time we see each other, ask me about this and I'll tell you a story where I ended up paying one of my former bosses over a hundred grand (to a funding source loan buyer) that I had known for years and never thought to contact them! Merrill Lynch made a kiilling off me on that one! DUH!

Again Inhouse, thanks for the nice endorsement!

[rgloans]

thanks guys for huge help!! I can always count on you guys! LOL