Posted by Zach on July 20, 2005 at 13:04:08:
Well there are a few lenders that have no title seasoning. As far as packaging the loan, you don’t need all that much especially if its stated. Otherwise paystubs bank statements w-2’s asset paperwork and other miscellaneous items. not a big deal
Sub-prime??? - Posted by M.Simmons
Posted by M.Simmons on July 19, 2005 at 17:42:36:
Many people have told me that sub-prime loans are a big headache to get buyers qualified.Is it true that it takes 10 times more to do sub-prime and that most of the time its not even worth going through all of that?I would like to know what everyone has to say about this.
Are sub-prime loans just about the same as regular bank and prime loans?Or are they more complicated to do???
Thanks for all your help
Re: Sub-prime??? - Posted by Natalie-VA
Posted by Natalie-VA on July 20, 2005 at 10:44:07:
The only issues I have had with subprime loans is where there is a title seasoning issue.
As far as the time for processing and underwriting, I’m no expert, but my experience tells me that it all comes down to the loan officer and their processor. They should know the product well enough so that they know exactly how to package the loan. If it’s done right, the underwriter shouldn’t have much to ask for. That stands for any loan, subprime or not.
–Natalie
Re: Sub-prime??? - Posted by Zach
Posted by Zach on July 19, 2005 at 18:09:04:
No not at all, actually subprime loans can go faster because the companys are usually smaller and more hands on for the loan. The big A paper lenders sometimes take 4 days for the underwriting where as I can get underwriting approval in 1 day from a subprime lender. Also subprime lenders are more lenient and even willing to negotiate on the rates.
If you go stated on a loan then you really don’t have to do much at all because there’s not much paperwork to deal with. It all depends on the situation though really. If you have a really poor credit borrower sometimes you have to work with them to pull their credit up so they can get a loan period.
Re: Sub-prime??? - Posted by Natalie-VA
Posted by Natalie-VA on July 20, 2005 at 10:43:09:
Sorry Zach, I meant to post to the other person.
Re: Sub-prime??? - Posted by Natalie-VA
Posted by Natalie-VA on July 20, 2005 at 10:40:55:
Zach,
The only issues I have had with subprime loans is where there is a title seasoning issue.
As far as the time for processing and underwriting, I’m no expert, but my experience tells me that it all comes down to the loan officer and their processor. They should know the product well enough so that they know exactly how to package the loan. If it’s done right, the underwriter shouldn’t have much to ask for. That stands for any loan, subprime or not.
–Natalie