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Ginoayn
Joined: 15 Jan 2006
Posts: 6
Location: CA
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| Posted: Sun Jan 22, 2006 4:52 am Post subject: internet generated mobile home leads |
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Does anyone know if internet generated mobile home leads and the lenders that use them find it profitable?
I dont know many doing this; is this a business niche worth exploring? |
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Mac
Joined: 04 Feb 2005
Posts: 276
Location: Knightdale, NC
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| Posted: Sun Jan 22, 2006 1:09 pm Post subject: |
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Before you spend any money on this type of lead I strongly suggest that you research your lender databases to ensure that you will have the programs in place to satisfy the majority of these type of scenarios.
The manufactured/mobile home market is rapidly disappearing from many lender's portfolios so your choice of lenders is shrinking.
I'd also suggest that you do an extensive interview with each mobile home applicant. More indepth than your standard old 1003. I would be certain to ask about age of the structure, perimeter foundation, status of the DMV title, seasoning in the home and on the land and occupancy status. I would solve what type of income documentation would be needed early in the loan process.
Know your lender's programs inside and out.
Presume mobile until proven modular, always. |
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chow
Joined: 22 Jan 2005
Posts: 2350
Location: Cornfield County, Indiana
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| Posted: Sun Jan 22, 2006 11:39 pm Post subject: |
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I hail from the "Mobile Home" capitol of the US......
Elkhart, IN
Since everyone I know is making money building FEMA units to replace the "Toss-Arounds" they already built once or twice :wink:
I have nothing against them, I alway's played "find the lender," Live with the pitiful fee's. :roll: |
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themortgagehelper
Joined: 23 Jan 2006
Posts: 12
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| Posted: Mon Jan 23, 2006 7:15 pm Post subject: |
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[quote]Before you spend any money on this type of lead I strongly suggest that you research your lender databases to ensure that you will have the programs in place to satisfy the majority of these type of scenarios.
The manufactured/mobile home market is rapidly disappearing from many lender's portfolios so your choice of lenders is shrinking.
I'd also suggest that you do an extensive interview with each mobile home applicant. More indepth than your standard old 1003. I would be certain to ask about age of the structure, perimeter foundation, status of the DMV title, seasoning in the home and on the land and occupancy status. I would solve what type of income documentation would be needed early in the loan process.
Know your lender's programs inside and out.
Presume mobile until proven modular, always.[/quote]
Good Post, Definetly Agree |
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Ginoayn
Joined: 15 Jan 2006
Posts: 6
Location: CA
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| Posted: Sun Jan 29, 2006 1:04 am Post subject: |
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Thanks folks
This doesn’t appear the be the easiest niche market to pursue |
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