No Trade Line Lender

mbenanti · Joined: 22 Dec 2006 Posts: 4 Location: Tampa Fl

does anyone know who can do a purchase. O/O. 573 score. 90%LTV. w/ no trade lines??

Jan012006 · Joined: 29 Dec 2006 Posts: 2 Location: Woodbridge, Va 22192

can your borrower go full doc?

mbenanti · Joined: 22 Dec 2006 Posts: 4 Location: Tampa Fl

thanks. found a Lender (Popular Financial)

Thanks

IFUNDEM · Joined: 03 Jan 2007 Posts: 13 Location: Sacramento, Ca

let me know if popular kicks it out

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

If they can show alternative trade lines and don't have loads of recent collection/judgement/late activity find a lender that will manually underwrite an FHA loan and get them a mid 6's rate. If they have that capability and you are automatically taking them on a sub-prime route, you're potentially doing a great disservice to your borrower.

IFUNDEM · Joined: 03 Jan 2007 Posts: 13 Location: Sacramento, Ca

Haplo wrote: If they can show alternative trade lines and don't have loads of recent collection/judgement/late activity find a lender that will manually underwrite an FHA loan and get them a mid 6's rate. If they have that capability and you are automatically taking them on a sub-prime route, you're potentially doing a great disservice to your borrower.
Hey Iron boot, collections and late activity would mean that the borrower does have trade lines or some credit of the sort......... I think the post was pretty clear when it said w/ "no trade lines". And further more a sub prime route isnt a disservice to a client, sp rates are almost as good as prime right now if not in some cases better! this borrower is the reason why lenders like myself exist.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Collections don't have to be trade lines. New accounts that have late pays, are not trade lines. Trade lines in most cases have to show 12 months of activity. Selling a borrower a sub prime rate when they qualify for a prime rate is entirely a dis-service to the borrower.

I do however agree with your last statement.

TFF · Joined: 22 Aug 2006 Posts: 26

TLP Funding

DallasLoanGuy · Joined: 26 Sep 2006 Posts: 169 Location: Dallas, TX

Haplo wrote: Collections don't have to be trade lines. New accounts that have late pays, are not trade lines. Trade lines in most cases have to show 12 months of activity. Selling a borrower a sub prime rate when they qualify for a prime rate is entirely a dis-service to the borrower.

I do however agree with your last statement.

ditto, ditto, ditto

selling a sub-prime loan when they might qualify for fha/other is LAZY, UNPROFESSIONAL, A DISSERVICE & WRONG!!!!