Suggestion For Loan Scenario Help

Greg · #1 (**permalink**) 12-13-2005, 05:27 PM

Erik I was thinking about making a data table that uses pick list's under each wholesaler to filter a typed scenario.

But I do not know how.

The one on LIH...
Can someone just manually add lender parameters with the proper disclaimers to protect the site? Like add more data to the table independently by looking at program guidelines rather than waiting for wholesalers to show up. When they do they can moderate their program information.

The one we have is vague as far as options to choose from. Such as more details like a pre-qual engine. Examples:
Rent Verification: picklist --->VOR, Private VOR, 12 mo cancelled checks, none

I could add 25 lenders a week or so. Update the data every 3-6 months.

Then you could market it better since results show more quickly.

Greg · #2 (**permalink**) 12-13-2005, 05:29 PM

Ok and I am adding to my signature... Everyone better laugh

Erik · #3 (**permalink**) 12-13-2005, 05:39 PM

You mean like a search engine for loan programs? I'm not exactly sure what you mean...

Greg · #4 (**permalink**) 12-13-2005, 05:40 PM

Yeah I was not clear. I edited. make sense now?

Yes though. Search Engine. We have one on LIH right?

Erik · #5 (**permalink**) 12-13-2005, 07:58 PM

No, just a link that goes to www.mywholesalelenders.com - but that's a search engine like you are talking about. I updated the official wholesale lenders thread in the scenarios forum to include links to MWL, LenderLab, and one other similar site.

apm · #6 (**permalink**) 12-15-2005, 06:36 PM

Another idea that I think is pretty good comes from brokeroutpost. They have a prequal dispatch, where brokers can fill in their scenario, and whichever lender is signed up for the prequal dispatch has a shot for the loan. You can charge a small fee to the lenders or do it for free (your choice). Its just more business for the lenders, and the broker can put the scenario through there and see which lender can work with their loan. I am sure you have seen it on the other site, but If you haven't check it out. That will definitely get the lenders to come on the site and contribute. Just a thought.

Erik · #7 (**permalink**) 12-15-2005, 07:10 PM

Yeah, I've seen that. I wonder what the lenders think of it... if it's a set up that works for them. If I were an AE I'd be getting a bunch of unfiltered loan scenarios to sift through every day, which seems like it would be more work than it needed to be.

Any wholesale reps care to chime in on this?

apm · #8 (**permalink**) 12-15-2005, 07:51 PM

I've actually sent a scenario through there with specific details, so only the lenders that could actually help you out will contact you. They have a bunch of lenders signed up on it (if you haven't seen it already...I pasted it below)

Here is a list of the lenders they have:

Current Active Lenders:

1st Choice Mortgage
Aames Direct
Acoustic Home Loans
Aegis Funding Corporation
American Home Loans
Ameritrust Mortgage Company
Amstar Mortgage Corporation
Axis Mortgage and Investments
BNC MORTGAGE
Countrywide Home Loans Subprime
Countrywide Specialty Lending
Credit Flex Funding
Encore Credit Corporation
First Capital Mortgage
Fort Knox Lending
Fremont Investment and Loan
IRES Funding
Lenders Direct Capital Corp
Mandalay Mortgage
Mila Inc
MLSG Home Loans
New Century Mortgage
Novastar Mortgage
Oak Street Mortgage
Peoples Choice Home Loan
PRMI Funding
ResMAE
Sun American Wholesale
Unprime Securities Company
World Savings

Its a pretty hefty list, and they all pay some monthly fee to be setup. Once a discussion forum gets big enough, they will be getting scenario's everyday from brokers. The prequal center can even be split up by A & Alt-A as one section, and strictly subprime for another section. So many different possibility on that to make it very specific.

Erik · #9 (**permalink**) 12-15-2005, 08:30 PM

Did you get responses to the scenarios you submitted pretty fast?

apm · #10 (**permalink**) 12-16-2005, 02:23 PM

I got a response right away. I believe it was the same day. I only left my email address in the query, and the rep resonded quick with the rate for the scenario. They know that it is going to a bunch of AE's, so it is in their advantage to respond right away before another rep does.