Subprime Auto Lender - A Specialist for Bad Credit Auto Financing [mortgageprotectiontips.blogspot.com]
Question by lester: subprime lenders? 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. Best answer for subprime lenders?:
Answer by Tom S
5 points!!!! Glad you're not my broker. What a rip off. Do you kiss your clients while you're screwing them?
Answer by Veleno45
You wanna come work for me? I pay 70% comm split
Answer by mazziatplay
5 on the back end? My, my, my, aren't we just the little loan shark?
Answer by KL
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?
Answer by Martin
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.
Answer by www.JBienesRaices.blogspot.com
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.
www.RefinanceMortgageNow.net I\'ve launched a new blog about the refinancing market. Get the latest on mortgage refinance, car refinance, bad credit refinance, and morgages. Today I look at subprime lenders.
mortgageprotectiontips.blogspot.com Subprime Lenders
CHICAGO (MarketWatch)â€"Good news for those with less-than-stellar credit scores: Banks are finally opening the lending spigots to you, too. “Lending is slowly opening up for subprime consumers,†said Daryl Toor, a spokesman for credit bureau Equifax. Credit loosens up for subprime consumers
Is your bad credit history preventing you from getting a car loan? How long will you be waiting? Life has to move on and you cannot wait for your credit score to recuperate for a long time. You might have some partial amount to buy your dream car but you are looking to get auto loans. These financial lenders will give you thousands of reasons to hike the interest rates. Do not worry. Most of the lenders might even reject the applications on seeing a bad credit score. Subprime auto lenders come as angels to fulfill your dreams. It is possible to get bad credit auto loans with subprime lenders as they are specialized in these kinds of loans. It is only the experts who can help you during the troubled times.
Use the following tips to get easy approval with subprime lenders in order to get bad credit auto loans.
It is always recommended to have a close look at the credit report.
It is good to insert an explanation document with your credit report. Certain circumstances might exactly reflect the numbers on the credit report. You might have got a pink slip due to recession or you might have signed as a guarantee for your friend on his loans who has later defaulted. These conditions are negotiable and the impacts can be minimized with these letters.
Submit your applications within a two week period to multiple lenders. Queries and applications made within 2 weeks will be counted as one attempt and this will help you to minimize the impact of negative score.
Get the loan before you start searching for the car. There are specialized subprime lenders available in the market. The internet is the best place to start your search. A simple Google search will kick start your campaign in finding reliable subprime car lenders. It is obvious that interest rates will be higher when compared to the traditional loans. It is just the fee that you pay extra to fulfill your desire. It is good to bypass the car dealers who will charge you extra money as they work on commission basis.
Down payments will help you to get the subprime auto loans easily. A minimum of 10% money down will help you to gain credibility and the process will be smooth till the end. This payment will make sure to project you as a prospective buyer and responsible borrower. This will also help you to negotiate the interest rates and will bring down the monthly payments. Related Subprime Auto Lender - A Specialist for Bad Credit Auto Financing Articles
