NMP - September 2016 - 74

Resources to be a Better Loan Officer or Mortgage Broker Providing ancillary services for your clients that many of them need By Charlie Fitzgerald, MBA rior to the DoddFrank regulatory changes in the retail/wholesale conventional residential lending industry, many mortgage loan officers and mortgage brokers had an arsenal of "go to" money sources for nearly every type of borrower client they might encounter in their business. There were conventional A paper lenders, Alt-A lenders, sub-prime lenders (B/C/D paper) and even institutional lenders that had a host of "creative programs" to fit almost every borrower circumstance: Lite doc, no doc, NINA, NINJA, bank statements P only, stated income etc. Although the industry has begun to see a semblance of a return to the market for other than strictly conventional loan programs ... there are still really very few loan programs for owner-occupied borrowers today, compared to what there once was ... and the pain points and qualifying criteria for what loan programs there are today, is demonstrably higher. Looking at the investor borrower loan programs available today vs. what was available prior to DoddFrank regulatory changes is even more alarming. Particularly when you consider that all of the DoddFrank changes were intended (so we were all told) to bring a heightened level of "Consumer Protection" to the mortgage lending industry and "Investors" are by definition, and intent, NOT seeking consumer loan products. Yet the vast majority of anything available for a real estate investor in the conventional lending products arena, are all but gone. In the best cases, when they do exist, they exist with almost unattainable qualifying metrics for the vast majority of investors, to the extent that 30 +/- percent of all investor borrower applications for them are approved. Those that are approved, likely will take 50-90 days (or longer) to actually close and fund. So, where does a conventional loan officer or mortgage broker go to find the financing that their investor clients come to them looking for? How do these industry professionals serve the needs of their clients and maintain relationships of superior service? Lastly, can this still be accomplished in a manner in which the loan originator can meet the needs of their client well and be compensated for doing so? Quite simply, the answer is yes, and it's truly a lot simpler for all parties involved than one would expect. Serious real estate investors have been using private money lenders for the acquisition and rehabilitation and/or renovation of investment real estate projects for decades. The reality is that private money/hard money sources have been around literally for centuries and in the current environment, they can be one of the easiest, most reliable source for real estate investors to access the capital needed to acquire residential real estate properties for either fix/flip operations or SEPTEMBER 2016 n National Mortgage Professional Magazine n NationalMortgageProfessional.com 74 SERVING UP EVERYTHING YOU NEED. Radian is dedicated to helping your business grow and making your life easier. For nearly 40 years, we've been serving up solutions you can depend on - from expansive guidelines and transparent pricing to training and connectivity. Our passion for your success means we work harder to deliver the tools, solutions, resources and true partnership that will help you get ahead. We're more than a reliable partner; we're an indispensable one. www.radian.biz 877.RADIAN1 http://www.NationalMortgageProfessional.com http://www.radian.biz

Table of Contents for the Digital Edition of NMP - September 2016

Table of Contents
NMP - September 2016 - Cover1
NMP - September 2016 - Cover2
NMP - September 2016 - 1
NMP - September 2016 - Table of Contents
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NMP - September 2016 - Cover3
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