We are now pretty much able to beat all comers in the rate wars, given that so many of our wholesale lenders are now viciously duking it out for market share. Lenders, huge and tiny, like Citi, Franklin, JMAC, and Provident have been extremely aggressive in recent weeks. Note that we no longer include AMTRUST in that list, as they were dealt a “knock-out blow” by the FDIC on Friday. Bye, bye Amtrust.
BUT, despite our low rates, we are the first to make it clear: Rates Are Not Everything! The ability to actually CLOSE is the big thing, and in this arena it is not always easy. There are a myriad of issues that need to be spotted and addressed up front; issues that never arose in years past.
These issues include job continuity and/or seasoning, fund seasoning, ability to use “gifts”, use of business funds, title seasoning, motivation to move, owner-occupancy questions, condition of property, loss carry-forwards buried in tax returns, credit derog’s, and high debt ratios. These are all issues we have addressed in the LAST WEEK alone.
We have THREE LAYERS of “issue spotters” in our teams to ensure almost every major issue is addressed before a file goes to an underwriter. This prevents unnecessary surprises. While we are certainly not perfect, we are quite sure that nobody in the industry does a better job at preempting problems than JVM Lending.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167