TCI Preferred Lenders

In the next few months, we will be ramping up on TCI to start featuring a new area on the Lender Finder page.

On this page you will be able to submit a Loan Application and have TCI go to bat for you to find you a Lending Program and have you monitor your application through-out the process.

We are interested in hearing what TCI members have to say about what they want to see, and what they don't want to see.

Also if your a Lender that would like to participate in this, please contact our Lending Department here:
http://www.thecreativeinvestor.com/modules.php?name=Feedback&deptName=lending

Comments(60)

  • Eric_M8th June, 2004

    this would be a great improvement, i would much like to see this.

  • myfrogger8th June, 2004

    An important part of runing a loan application is credit. It would be extremely helpful to have just one credit report pulled and made available to each lender.

    You can probably get a tri-merge for around $10-15 and I'm not sure how you would cover that other than either charging a fee to the buyer or a fee to the lender.

    Just one thought I had for you.

  • Stockpro998th June, 2004

    Sounds great! ONe more additional service benefit of TCI smile

  • joel8th June, 2004

    Yes, there will be an upfront fee from TCI to cover the costs of preparing the loan package and pulling the credit report.

    This will be better than Lending Tree, as this will be focused on investors rather than the end user. And since investors are more worried about thier credit score going down, we figured it would be perfect for TCI members.

  • Wonderful. It will be great to find what I need for different situations in a hurry. It will also be nice to track the progress.

  • MIRMAX8th June, 2004

    great thought, most welcome. look forward to it.

  • AzHotFlash8th June, 2004

    Regarding the credit aspect, I think it would be very useful to have a similar approach to obtaining no-doc loans.

    Especially for those investors whose credit score isn't high enough to obtain traditional financing.

  • tonynow8th June, 2004

    I think that your preferred loan program sounds great. Obviously, as investors we would be interested in those who are able to lend money for investments on a favorable basis that includes some creativity.

  • roberth8th June, 2004

    What will the fees be to prepare the loan package and the credit report. Normaly the processors charge a fee + credit check tri-merge$22. This may end up being two charges for loan packaging,
    I doubt that the mortgage co. will leave off any of there charges because another has put together the paper work.
    Like pulling teeth getting processors to not to charge a fee. JMO

  • DFlo8th June, 2004

    This is going to be a great service. I can't wait until it is available. I hope it works as good in reality as it does on paper.

  • hibby768th June, 2004

    I'm not sure what you're planning on doing with this, but it could be a great place to enter all of your data (ie, long extensive application, rather than short and concise), but then all the lenders will have EVERYTHING that they need to prequalify and screen you.

    I realize that there are a LOT of variables, but I hate filling out multiple applications. Just a thought.

  • lohearn8th June, 2004

    Great! Can't wait to see it implemented.

  • roggieclark8th June, 2004

    This would be a fantastic value-added feature/service to this community.

    LET ME KNOW WHEN IT GOES LIVE!

  • wendi68th June, 2004

    I love this website.
    Wendi

  • joel8th June, 2004

    Yes it will be one application, but we will make copies for the lenders for them to review.

    Quote:
    On 2004-06-08 13:23, hibby76 wrote:
    I'm not sure what you're planning on doing with this, but it could be a great place to enter all of your data (ie, long extensive application, rather than short and concise), but then all the lenders will have EVERYTHING that they need to prequalify and screen you.

    I realize that there are a LOT of variables, but I hate filling out multiple applications. Just a thought.

  • Jwest138th June, 2004

    I think that would be very helpful. 8-) null

  • dlitedan8th June, 2004

    Please just try and make sure that it is not like your current lender situation with outdated lenders and not returning emails or calls.
    You guys rock! thanks for listening to your members and making this an even better website.

  • crsharpe2168th June, 2004

    I agree with most everyone on this. I would like to see some consideration, however, for those investors that have less than perfect credit. Things happen that are beyond our control and we end up having a tough time finding the money needed to fund our deals. There must be others out there that are in similar situations.
    Charlie

  • RLee8th June, 2004

    Sounds like a good idea in theory and maybe in practice too but just what makes a potential lender a 'Preferred' lender?

    In my experience a 'preferred' anything is one who offers the most financial incentive to the hosts. We've all seen it - Drug Companies and Doctors are a prime example.

    How will this be different? Will it be open to all lenders to see our personal finance details?

  • bigbretzel8th June, 2004

    I love the idea of a centralized lenders' board. I know of some mortgage companies who will loan 100% on residential properties provided that you meet their full doc process -- I have the credit scores, but my tax returns show a loss. I would like to see categories for full doc/no doc mortgages in the new system.

    Love the site!

  • paulmstar8th June, 2004

    I wonder if this will be financing for tax sale purchases. That's what I would like to see happen.

  • studlee8th June, 2004

    This would be great!

  • HRparks8th June, 2004

    I'd like to see that whatever the lenders come back with they have to stand by. No footnotes "if you meet all these other requirements" that LendingTree mortgage companies tend to throw in. If you've got an app here that tells them everything, then they should have to stand by what they offer. No bait-n-switch.

    Of course my other pet-peeve with mortgage companies you probably can't do anything about. And that would be that you have to ask for something specific before they give you a yes or no answer. I'd rather say "here's my info, tell me what I can get".

  • joel8th June, 2004

    No.

    Only the people who NEED access will access your financial package. We will be shopping around for the best deal for your kind of loan.

    Quote:
    On 2004-06-08 15:16, RLee wrote:
    How will this be different? Will it be open to all lenders to see our personal finance details?

  • magellens8th June, 2004

    this maybe just what the docter ordered.

  • whatarealtor8th June, 2004

    GREAT idea! grin

  • RCarter8th June, 2004

    I think this is a great program. I look forward to seeing it manifested. :-D

  • lorien8th June, 2004

    COOL COOL COOL! This is something that i look forward to. Thanks for even considering it.
    Becki

  • JohnCl8th June, 2004

    Seems like a great idea! I look forward to seeing what sort of programs are available.
    JohnCl

  • charles888th June, 2004

    Awesome we need all the flexible lender we can get just another great feature to the site grin

  • TNTRASH8th June, 2004

    Sounds great. Consider the no doc or stated doc loans too please. I'm self employed,have rental property and a super accountant, lol

  • mur8th June, 2004

    UNFORTUNATELY TCI HAS A CAPTIVE AUDIENCE...

    THEREFORE IT IS IMPORTANT FOR BORROWERS TO SHOP SHOP SHOP TO HELP KEEP TCI COMPETITIVE.

    10 YEARS AND $125,000 PLUS TO GET AN EDUCATION IN REAL ESTATE FINANCE HAS PROVEN THAT NOBODY REMAINS COMPETITIVE UNLESS THEY ARE SHOPPED.

    MEMBERS SHOULD PROVIDE GOOD FAITH ESTIMATE TO TCI SO THAT THEY CAN HAVE A CHANCE TO MEET OR BEAT THE OTHER LENDERS THOUGH.

    MUR

  • joel8th June, 2004

    Feel free to shop as much as you want. Your credit score is going to go down while your submitting applications to three-four lenders.

    TCI is not responsible for the interest rates - the lenders are. We are just preparing the package. The best rate from the lenders wins. Both the lender and the borrower have to agree before they get a loan.

    Quote:
    On 2004-06-08 19:37, mur wrote:
    THEREFORE IT IS IMPORTANT FOR BORROWERS TO SHOP SHOP SHOP TO HELP KEEP TCI COMPETITIVE.
    MUR

  • charlaslauson8th June, 2004

    I think this Loan Program would be www.great.Cant wait....
    please notify me when available.

    Charla slauson

  • Dmitry8th June, 2004

    Well,

    I might get whipped for this by all the enthusiasts on this board, but I do have a great deal of experience in developing financial applications for large 500 Fortune Companies. So let me through some cold water on the subject and attempt to point out couple of things here:

    While this idea is very good in general, it really requires a great deal of experience in the Lending / Mortgage Broker industry in order to develop and build the system that will function properly.

    1. Credit report should be obtained using specific companies that currently provide service to most major lending institutions. These companies have developed and tested proprietary financial models that work exactly as required by majority of players in the lending industry. Requesting a credit report directly from the 3 credit bureau will NOT work. While their score may be good for the consumer level evaluation, it almost always will be way off from the Lender obtained score. Example of one of the companies used by Mortgage Lenders industry is a Credit Plus, Inc. There are few others.

    2. In current days most of the conventional mortgage loans are pre-qualified and sometimes even underwrited up to the last point using automated systems such as Loan Prospector and few others developed by Fannie Mae and Freddie Mac companies. There are strict financial criteria’s in place for any new customer (website) in order to participate with these systems prequalification and approval tools. Since 90 % of all members on this board either have less then perfect credit or looking for none conventional financing options it will be problematic to pre-qualify them using automated tools and criteria’s. Hence, this whole idea is simply transforms into a lead collection process for the manual Mortgage Broker Services.

    3. It will be extremely difficult if not impossible to have ANY lender commit to the financing based on application information only (I am referring here to the REAL mortgage commitment) unless they will put contingencies for such commitment.

    4. In order to track and control any number of submitted applications system will need to interact with the particular lender in real time. This is where thing get complicated since all lenders use different formats and protocols for the data transmission.

    I don’t want to sound too negative here, but these are just a few highlights of the things that need to be taken into consideration.

    Joel, if you have addressed them already, more power to you!!!!

    As always, I wish you best of success with this new venture.

    Dmitry.

  • BMize8th June, 2004

    One of the key benefits of the program is that TCI will have a relationship set up with these Preferred Lenders to eleviate their need to ask for more information.

  • abhunter38th June, 2004

    I think this is a great idea! It would definately benefit new investors like myself. I really hope this works out.

    Benton Hunter
    [ Edited by joel on Date 06/09/2004 ]

  • webuyhomes9th June, 2004

    I have avoided using tools like lending tree because they destroy credit sometimes. If this program would only pull ONE tri-merge and make that available to the brokers, then it would be great. I would have a particular interest in rehab and high LTV cashout loans.
    [addsig]

  • tinman17559th June, 2004

    Joel,
    It sounds like a good idea. I am sitting here at 8:30am lokking at 5 faxed applications. Every question was answered, every i dotted and t crossed. Here is the problem, NOT one of these applications match what the documents say. I like the idea of people faxing me over their application filled out, along with their documents. The documents are the key to the application.

    I has been my experience most people don't know the formula that the lender will use. Have the time I don't. Every underwriter is different.

    Here are the problems with your idea:
    1) income would be number one factor
    2) Knowing the condition of the property is a big concern with lenders
    3) Knowing when properties on the SRO where bought
    4) How long the properties have been rented
    5) Is the property actually zoned for that number of units
    6) When was the property purchased
    7) who did improvements
    8) how were improvements
    9) do you have contract and cancelled check

    I am trying not to be negative. This sounds like a great idea. But when you are dealing with investors there are many factors and questions that need to be asked and dealt with.

    I am closing on a deal today. I spoke to Mr. Washington on 05/10/2004. He was working with a broker since Feb. the deal never closed. He had the appraisal done on 02/29/2004. I only had 15 business days to get everything done before the apprasial expired. Which included getting the other company to "sign" over the appraisal. the other company had that deal for 3 months. I did close that house on 05/28/2004. I am closing on another house for him today.
    There were many items left out of the application that the other broker had. He faxed me a copy. Most investors don't know what they should tell or not tell.

    These are just a few things that need to be addressed.

    The reason why brokers and banks all pull their own credit. Is to validate it. I have seen many strange things over the years, Some people have actually given me someone else's credit report.

    Good Luck and I hope it works out

    Lori
    [addsig]

  • KyleGatton9th June, 2004

    I think that what has been offered thus far is great. I am sure every deal's intricacies will be different and every deal will be looked at on its own merit. The only offering as it is, is that this will make your credit score and history available to a certain number of lenders. After that I am sure the documentation needed will be as individual as the loan, and will be requested by whichever lender decides that they can do the loan.

    I like the service, as it brings TCI to the next logical evolutionary step.
    Good going joel,

    Kyle

  • americandream9th June, 2004

    This will a great value added program. I am looking forward to it.
    Thx
    Sam

  • tmpringle3019th June, 2004

    Sounds like an outstanding service!

    Just a couple of suggestions/thoughts...

    First,. I would want some assurance that my credit would be pulled once and only once per deal. I' ve had as many as 15 inquiries on my credit due to "shopping" by a broker and it really did hurt my score.

    Second, why not have a place within the profile that we can enter our basic information that does not change with each deal. That way, the application is only a short synopsys of that particular transaction. It would be up to us to maintain the database of our primary info up to date.

  • delgardo9th June, 2004

    I think this is a great idea. Please start as soon as possible. This site just keeps get better and better![ Edited by delgardo on Date 06/09/2004 ]

  • walkinv9th June, 2004

    Please send help! I have a property that I need funding for. Is there any way I can take an early advantage of the new lending system? As usual, your help and advice would be greatly appreciated.

  • tinman17559th June, 2004

    [quote]
    On 2004-06-08 22:02, Mize wrote:
    One of the key benefits of the program is that TCI will have a relationship set up with these Preferred Lenders to eleviate their need to ask for more information.



    How would you know this?
    As stated above, 90% of posters admit to having less than desireable credit.
    These deals are very time consuming and unless the broker is very knowledgable. Many questions come up during the propcess. These questions need to be addressed RIGHT away.

    So I think your statement is inaccurate.

    Lori
    [addsig]

  • Dmitry9th June, 2004

    Lori,

    My sentiments, exactly!

    As I have stated before, problems listed by me in my original post are only main technical difficulties from the system design perspective. Points mentioned by you, on the other hand, are pure transaction / business issues that are unavoidable and the biggest road blocks in every transaction.

    For every knowledgeable mortgage broker there are thousands exist who have NO business being in the field at all!!! They only hurt people’s credit. Still, many who DO know what they doing, not always connected enough to produce the workable deal and stay on a top of it to make sure that it actually close.

    I would hold my breath before jumping with excitement that this system will work.

    Dmitry.

  • joejames10th June, 2004

    :-this is a great thing. can't wait.D

  • jeffcc10th June, 2004

    Question:

    Is this program targeted for CONVENTIONAL loan needs or HARD MONEY needs? 2 VERY different needs. Maybe you can separate these needs on the website. Because of the posts I have read and the theme of this website, the large majority of your members would be in need of HARD MONEY. Money that is FAST for closing the DEALS. Credit is not as important as the deal with hard money lenders. This is a suggestion to make it a great program.

  • barbaras71510th June, 2004

    I would very much like to see this-maybe the process will be quicker and easier to go through. Thanks

  • DyessProperties14th June, 2004

    This sounds like it would be a great addition and benefit for investors. I look forward to using the new feature and I appreciate the effort being made to bring new beneficial features to the members of TCI.

  • sellers15th June, 2004

    This would be a great feature that I would really like to see implemented

  • ahmedmu15th June, 2004

    I have used Lender's Tree and another local NJ service. But LT was of no help when I wanted to buy a 6-family. I ended up paying a higher rate when my mortgage broker found only one lender after 2 month's of search. I bought a 3-family and someone I met on TCI got me a loan, but he could not help me when I bought a 7-family.

  • montaa15th June, 2004

    Will the Lender service be provided for all levels of paying membership? Also, will this enable an improved version of "looking for partner" within the site?

    -Aaron

  • ahmedmu22nd June, 2004

    When will this service be available? I am trying not to be impatient, just curious :_)

    Thanks.

  • Georgia_Hard_Money22nd June, 2004

    Joel, not trying to be negaitve here but have you become licensed to broker loans in all 50 states? It sure sounds to me like you will need to be in order to do what you've described.

    Talk to a good attorney experienced in licensing if you haven't already. If you need a recommendation I'll be glad to give you a name. Good luck with it regardless.

  • tinman17555th July, 2004

    Joel,

    Have you made any progress in your new feature regarding this post?

    Lori
    [addsig]

  • joel5th July, 2004

    We are starting off with just Commercial Properties first. This is because we don't have to have a licence to do it.

    We have made some headway on this, but the project has been pushed back a bit because we are still getting the commercial properties database put in first.

  • dannylong_ca5th July, 2004

    Sounds great...would it be open to Canadian resident investors?

    Dan

  • tex6th July, 2004

    Great Job for adding another benefit to this web site and its users

  • tinman17558th July, 2004

    Quote:
    On 2004-07-05 14:15, joel wrote:
    We are starting off with just Commercial Properties first. This is because we don't have to have a licence to do it.

    We have made some headway on this, but the project has been pushed back a bit because we are still getting the commercial properties database put in first.









    Joel,

    I would say that would be the best way to go. Based on my experience, all you really need to get in place are the lenders. All commercial deals need the same thing to get prequalified. So it is a pretty cut and dry situation.

    I would could never see how you would be able to do residential mortgages in 50 states. But the one poster is wrong, you do not need a license to offer a service. You are not the one doing the mortgage. But if you are planning to make money from the borrower, that's another story. But why would you be charging the investors on a loan. You should be charging for access to the link. Which would benefit you, but keep you out of the liabilities and the headaches.

    Lori
    [addsig]

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