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Quixote
Joined: 28 Jan 2005
Posts: 60
Location: Southern California
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| Posted: Fri Mar 25, 2005 7:43 pm Post subject: Ten things an AE needs to know to give you a real Pre-Qual |
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1. Mid-fico? (sometimes hi fico also)
2. Loan Amount? (most lenders have adds and subtracts for specific loan amount bands)
3. LTV?
4. Is this an 80/20, 80/15, or is their subordinate financing?
5. Interest Only?
6. Rebate?
7. Doc Type?
8. What State is the subject property in? (Different states get different rates)
9. Term of loan? (2/28, 3/27, etc.)
10. Any BK or Public Records? (Judgment Dates, Filing Dates, Discharge/Dismissal Dates, etc.)
Edit:
11. How many tradelines? How Much? How old?
12. Any collections and/or chargeoffs? How recent? Are they Medical?
13. Mortgage and/or rent History? Last 12 mo.? Last 24 mo.? |
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nikko3
Joined: 20 Jan 2005
Posts: 246
Location: acton, ca
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| Posted: Fri Mar 25, 2005 7:54 pm Post subject: |
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Good Advice...
You should also let your AE know if there are minimal tradelines or collection accounts. |
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chow
Joined: 22 Jan 2005
Posts: 2350
Location: Cornfield County, Indiana
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| Posted: Fri Mar 25, 2005 8:17 pm Post subject: |
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What State is the subject property in? (Different states get different rates)
I suppose Indiana is a "high rate" state? :lol: |
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Quixote
Joined: 28 Jan 2005
Posts: 60
Location: Southern California
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| Posted: Fri Mar 25, 2005 8:17 pm Post subject: |
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D'oh!
I'll add that... I knew that. Really.... :lol: |
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chow
Joined: 22 Jan 2005
Posts: 2350
Location: Cornfield County, Indiana
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| Posted: Fri Mar 25, 2005 8:28 pm Post subject: |
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:twisted: I'm going to give you a hard time since your bully left! :lol:
Our new LO is sitting here working on dispute forms for his own credit. He thinks I have something in the diet coke I'm drinking because I just keep laughing at the monitor! :twisted: |
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lenderama
Joined: 08 Aug 2005
Posts: 22
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| Posted: Mon Aug 08, 2005 7:04 am Post subject: |
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| You should also remeber to give them a return phone number :D When I was an AE, 1 in 10 VM's forgot to say who they where or what number to call back. |
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James_M.
Joined: 12 Aug 2005
Posts: 4
Location: Atlanta, GA
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| Posted: Fri Aug 19, 2005 8:16 pm Post subject: |
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lenderama wrote: You should also remeber to give them a return phone number :D When I was an AE, 1 in 10 VM's forgot to say who they where or what number to call back.
I concur..:roll: :oops: |
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dsickler
Joined: 04 Aug 2005
Posts: 64
Location: Salinas, Ca - Los Angeles, Ca
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| Posted: Fri Aug 19, 2005 8:37 pm Post subject: |
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If they know, how about the phone number for the real estate agent that they want representing them. The Real Estate agent and Loan Agent communication is very important.
David |
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James_M.
Joined: 12 Aug 2005
Posts: 4
Location: Atlanta, GA
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| Posted: Fri Aug 19, 2005 9:34 pm Post subject: |
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dsickler wrote: If they know, how about the phone number for the real estate agent that they want representing them. The Real Estate agent and Loan Agent communication is very important.
David
but thats not something the AE needs to know. |
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chow
Joined: 22 Jan 2005
Posts: 2350
Location: Cornfield County, Indiana
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| Posted: Fri Aug 19, 2005 9:45 pm Post subject: |
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James_M. wrote: dsickler wrote: If they know, how about the phone number for the real estate agent that they want representing them. The Real Estate agent and Loan Agent communication is very important.
David
but thats not something the AE needs to know.
I concur, second that thought! |
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