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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Examples of portfolio lenders Posted by CC in OC on June 05, 2009 at 10:02 AM In Reply to: Re: Examples of portfolio lenders posted by BR on June 05, 2009 at 8:00 AM I'm not challenging your experience, only adding to this discussion because where the money comes and goes is interesting if not the life blood of the flipper. Some lenders don't lend at all--or only for a few days--but only service loans. (Peter Fortunato referred to them as "pretender lenders.") If they service but don't lend, the borrower wouldn't even know it. Practically all lenders use MERS (Mortgage Electronic Registration System), a process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans. The bottom line, I think, is to do what the narrator in the video suggested: ask lender(s) directly what their policy is regarding seller title seasoning and develop a list of lenders to which prospective buyers can be referred. It's something that must be done ahead of time, so that the seller/investor doesn't get blindsided at the end. Of course, with the shifting tides of the finance industry today, a lender that doesn't have seller title seasoning today and may have an issue with it tomorrow, so one must constantly be monitoring his/her list of lenders that don't have seller title seasoning requirements. Follow Ups: Loan servicing becomes the borrower's problem David Safeer 10:38 PM, 07/17/09 (0) Re: Examples of portfolio lenders BR 3:00 PM, 06/05/09 (2) A problem could occur... CC in OC 3:28 PM, 06/05/09 (1) Re: A problem could occur... BR 6:55 AM, 06/06/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I'm not challenging your experience, only adding to this discussion because where the money comes and goes is interesting if not the life blood of the flipper. : Some lenders don't lend at all--or only for a few days--but only service loans. (Peter Fortunato referred to them as "pretender lenders.") If they service but don't lend, the borrower wouldn't even know it. Practically all lenders use MERS (Mortgage Electronic Registration System), a process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans. : The bottom line, I think, is to do what the narrator in the video suggested: ask lender(s) directly what their policy is regarding seller title seasoning and develop a list of lenders to which prospective buyers can be referred. It's something that must be done ahead of time, so that the seller/investor doesn't get blindsided at the end. Of course, with the shifting tides of the finance industry today, a lender that doesn't have seller title seasoning today and may have an issue with it tomorrow, so one must constantly be monitoring his/her list of lenders that don't have seller title seasoning requirements. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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