Does anybody know of good subprime lenders that pay up to 5 points on the back for a correspondent? I am signed with HSBC, Wells Fargo, Citi and Saxon... But I need a wider portfolio of lenders.
2006-06-30 03:58:10 · 6 answers · asked by lester 3 in Business & Finance ➔ Renting & Real Estate
Come on, people!!! Subprime borrowers usually have lower amount loans, so you have to make that many points!!!
No lenders pay 5, the highest you can usually find is 2, but it makes the rates so high your clients DTI will probably be too high.
If you want a couple of good subprime lenders, though, contact Decision One and Fremont. MLN will pay up to 2.5.
Just charge a lot in fees!!!
By the way, what state are you in?
2006-06-30 04:49:41 · answer #1 · answered by KL 5 · 1⤊ 0⤋
Lester......5pts???
I dont have anything personal agains you BUT your way of thinking is what give us professionals in the business a bad reputation.
I will answer you question but at the same time I question your ethics in wanting to charge 5 pts. You could contact Long Beach Mortgage, and Own it Mortgage. I've had sucess with both.
Someone else commented that you have to make up for the subprime borrowers not being able to qualify for a higher amount, well higher amount or not I dont think it's ethical AT ALL to be charging 5pts.
I wish you the best because the way you are hoping to do business, you wont last. Either you own clients will get you or the law will.
2006-06-30 08:54:58 · answer #2 · answered by SCCRealEstateUNCENSORED.com 3 · 0⤊ 0⤋
Most subprime lenders won't pay SRP to corespondent lenders. However most will let you charge up to 5 points in origination and discount, as long as the loan isn't considered a high cost or section 32 loan. That being said, try Long Beach Mortgage.
2006-06-30 07:04:57 · answer #3 · answered by Martin 2 · 0⤊ 0⤋
You wanna come work for me? I pay 70% comm split
2006-06-30 04:15:06 · answer #4 · answered by Veleno45 3 · 0⤊ 0⤋
5 on the back end? My, my, my, aren't we just the little loan shark?
2006-06-30 04:34:49 · answer #5 · answered by mazziatplay 5 · 0⤊ 0⤋
5 points!!!! Glad you're not my broker. What a rip off. Do you kiss your clients while you're screwing them?
2006-06-30 04:05:06 · answer #6 · answered by Tom S 3 · 0⤊ 0⤋