Why Shop for Lenders?
- To get competitive quotes. For example, a
borrower who has good credit, usually knows
exactly what he wants in a fixed rate loan for 5
years, with no cash out. In this case you are
competing against another broker and the
borrower's own bank.
- To find lenders for difficult situations
where you do not know how to complete the loan.
For example, the house you are trying to
refinance recently burned down. Another example
would be that the property is owned by 2
partners and only one needs a loan on his share
of the equity. You could also have a scenario
where the Fico score is below 500, yet you need
90% LTV to make the loan.
- To find lenders for loans out of you area.
For example, if you normally arrange loans only
in Florida but your client needs a refinance in
California or New York.
- To find lenders for loans that are not in
your normal zone of operation. For example, if
you normally do residential loans but your
client needs a loan on a commercial building.
The LendingUniverse Quantum system matches your
loan request with all available lenders on the
system. Only those lenders matching the specified
loan request will show up for your selection. The
more information you include in the loan request,
the better and more accurate results you will get.
When you need a loan simply click “Select” on the
“Shop for Lenders” tab.
How to Shop for Lenders step by Step:
1. Enter new prospect name, loan amount and
property value on this page and click the "Update"
button. It will take you to the "Tracking Page".
1b. Please note: If you already have a client
listed in the
Prospect List or if your client is already
listed in the
Loan in Progress list then simply select them
from the lists and click the
button to continue. (See step 5)
2. On the Tracking Page use the drop-down menu to
decide the loan status. You may also assign
priorities on that page and also enter notes. When
you done click the "Update " button. It will take
you to the Borrower Personal Information
page.
3. Next review the borrower information on the
"Borrower Personal Information" page and click
the "update" button. It will take you to the Loan
Request page.
4. Enter loan Information and click "Update" --
which will take you to Shop for Lenders page.
5. Decide if you'd like a detailed request or a
fast request. There will be more information on that
page describing your options.
6. Follow up the screens to lenders selections
The 3 Sources of Lenders
You can actually submit a loan request to 3
groups, i.e., pools of lenders. You can select
lenders from either one pool, 2 pools or from all 3
pools simultaneously.
There are 3 Pools of Lenders:
Look at this from the viewpoint of being at the
center of 3 spheres. The smallest one, which is the
one closest to you is My Lenders. The medium sized
one which is further away from you is the Priority
Lenders group. The largest sphere is the Global
Search group.
Note: Depending on the type of loan, your membership
level and other factors, you may or may not be able
to select all 3 pools at the same time.
How to choose a lender from the list:
My Lenders Pool:
Your time-tested lenders should all be included
in this Pool. Your success partly depends upon
keeping this pool accurate and growing. Add all your
good lenders into the list by inviting them to join
in.
When to Select
At all times. Even if you select lenders from other
pools it is always wise to also give the same
opportunity to your own trusted lenders who have
funded loans for you in the past
When Not to Select
If the loan you are trying to place does not fit
with any one of your existing Lenders. When you are
trying to build up new relationships with new
lenders.
Priority Lenders Pool:
This pool makes the difference between closed
loans and loans that are deadfiled.
When to Select
On any loans that are challenging.
When it is imperative certain conditions must be
met.
When you are competing against other brokers for
rate and terms.
The rule is that, if in doubt, always select lenders
from the priority lenders list.
To find good lenders for inclusion in your "My
Lenders Pool"
Global Lenders Pool:
Only when available, as the Global search is not
available in some cases, and thus may not show up on
the “Search for Lenders” page.
When to Select
Select only when there are not enough lenders
showing up on the "Priority Lenders" list.
Additionally:
On any loans that are challenging.
When it is imperative that certain conditions must
be met.
When you are competing against other brokers for
rate and terms.
The rule is that if in doubt always select lenders
from the “Priority Lenders” list.
When Not to Select
If you have many (more than 20) Priority Lenders
showing up on the selection page, or you have many
lenders on the “My Lenders” page who can do the
loan, then there is no need to use the Global
Search. |
