Request: Family of parents and daughter seeking 1st mortgage financing to 75-80% LTV with credit below bank guidelines, stated income and unique down payment source. In efforts to find any approval at acceptable terms, the applicants hired numerous brokers and deal has been shopped to many B and private lenders.
Challenge: 3 brokers have been working on the file for approx. 2 months before the deal landed in a DLC agents hands. The DLC agent quickly discovered that most of the main Alt A lenders have already seen the deal. Most have been declining based on the source of the down payment being difficult to show history and comes from a unique source of a religious trust fund. Husband is BFS on stated income. Wife and daughter work part time job with very low documentation to reflect. Credit is mid 500’s beacon for husband (main income), one active trade with limited history for wife and daughter is riddled with collections and lates.
Results:
- Application has been worked on by brokers since for 2 months almost to the day
- DLC agent received the application on Oct 23 and referred it to Plan B on Oct 24
- Plan B was declined by a couple of lenders whom already seen the application
- Plan B located an approval on Oct 25, approval was immediately presented to client by the DLC agent and all terms accepted and deal signed up
- Only condition on the approval was recent Appraisal
- One of the original brokers DID have an approval via private 1st and 2nd, Plan B’s approval was only one mortgage and overall more beneficial to the clients needs.
- Deal FUNDED on Oct 30.
- 4 business days from receipt to funded on an application that has been industry worked since August 24, 2012
- Clients were thrilled to FINALLY have their mortgage and be in there first house. DLC agent came out looking like a star by locating approval where other agents could not.
- Referring broker received commission of $6,735.00