What are the names of some Subprime lenders (RETAIL DIRECT LENDERS)?

Question

Thanks for your replies, however, I specifically indicated "Retail Direct Lender" so as to avoid getting the "go through a broker" response. I'm looking for the names of specific Subprime lenders.

And to the guy who asked what type of lender (auto, mortgage, etc.), we are in the real estate section, so I assumed it wouldn't be too difficult to deduce the type of lender I'm looking for (mortgage).

Answer 1

I'd answer, but I'm afraid of the results. Direct lenders for prime is fine, but for subprime simply does not give that client enough choices. Each subprime lender is so different in what they offer, pricing for different scenarios, what risk they want, etc... If you are shopping for a subprime loan, it is much better to use a broker. Most direct lenders are going to sell the loan off to someone else.

A recent independent study was just completed that showed subprime customers got better offers from brokers overall than from direct lenders.

Answer 2

There is no such a lender as a "retail direct lender."

There is Retail and there is wholesale. Keep in mind 78% of all mortgages originated in the United States in 2005 were by mortgage brokers. Banks business thrives on brokers clients/loans. Simply because we bring them the customer and do alot of the dirty work.
Broker have access to wholesale and you as a consumer will only have access to retail. Your mission should be to find a reasonable broker. Be concerned by the level of service that you will be recieving as well. What hours are they available? Do they pick up the phone or take hours to return calls/messages? How long have they been in the business? Try to deal with a broker direct. Working with a loan officer usually will only mean a higher rate or more fee's. You will find that most of them arn't even licensed. Some brokers are relatively reasonable on the points and fee's but they never answer the phone and it takes 2 months to sign papers, or they make several mistakes which causes you to have to sign again exc...

Answer 3

I would go with a broker, especially of your looking for a sub-prime loan. Your going to be calling all over the planet to find one who is the best priced for a sub-prime loan; however this is not what you asked...


Wells Fargo
B of A
Washington Mutual (Long Beach Mortgage)
GE Capital
Ameriquest (google them first, you've been warned)

Honestly, from there I do not know. Many of the wholesale lenders do have retail arms but many times they operate under a different name and as a seperate division altogether to avoid conflict with the brokers.

Best of luck.

Kevin 866-562-6838 x 106
[e-mail]

Answer 4

Contact a mortgage broker. They should have access to a few subprime lenders. Depending on your situation, one should fit better than others. They really do vary in a lot of ways.

Answer 5

you can use this link first if this lender offers mortgages in the state that you want it to be in: https://www.maximumfinancialinc.com/quick-loan-application.htm

after you review the page i sent you, go to its homepage to see if they can offer your loan where you are going to buy.

i want you to know the truth. certainly it is cheaper to get a loan with a retail direct loan lender, but be prepared! i tell my clients to go with the standard, competitive, well known lenders because unless they have 10 years worth of income tax returns, 10 years of prior rental history including the addresses, leases, landlord phone numbers, and on and on and on, WITHIN 3 DAYS BEFORE YOU ARE TO CLOSE (!!!), you just might not close!

why? because you get what you pay for. think: what business do banks do? they do the making-the-money business, and that is all that they do.

if the lender does not sell the mortgages in packages known as portfolios out to the secondary mortgage market (FANNIEMAE, GINNIEMAE, FREDDIEMAC...spelled out as they are pronounced, not their specific acronym) and thereby get cash available to make more mortgages to other people, you may in fact save a half a point of interest. thereby, i congratulate you!

sometimes it is better for self employed individuals to get a non sold loan, a loan that is carried by the lender itself. but just have the documentation they are going to ask for.

i do wish you all the luck in the world.

Answer 6

US Bank and Wells Fargo both have subprime lending. US Bank calls theirs HEAR (Home Equity Alternative Resource) Go to www.usbank.com for a regular lender near you and they will refer you. Or you can apply online.

Answer 7

what kind of lending are you looking for? mortgage, auto, etc.?

Answer 8

banks