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Subprime & B-Paper Loans
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Subprime, B-Paper, "Less-Than-Perfect-Credit" And Bad Money Loans For Mortgage Borrowers
This department covers information specific to subprime, B-paper, "less-than-perfect" and bad credit mortgage loans. These are loans which are non-conforming, traditionally higher risk and outside standard federal loan guidelines of Fannie Mae or Freddie Mac. There's a reason why subprime wholesalers have a bad reputation--they don't always tell the "whole truth" or make things clear upfront to their retail brokers. Call it "selective memory", "lack of training" or what have you! These mortgage training resources will help you manage these necessary and needed 8-legged caterpillars of the industry.
RESOURCES IN THIS DEPARTMENT:
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DOWNLOAD = Time To Start Over Sub-Prime Postcard
Attracting subprime borrowers is easy when you know how. You've got to figure out their motivating factors...how did they get into this mess in the first place? What are their future goals? Most subprime borrowers know that they're in a tangle and most want to get out of it. That's where you come in! As a mortgage professional it's your duty to save the day. But, before you can do that, you have to make yourself known. Here is a subprime postcard marketing template you can use as a starting point to make your own. Postcards are a great marketing tool and currently cost only about 20 cents or so to mail. There's a lot of marketing bang for your buck and even if you get just one loan back, it's worth it! This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Credit Overdue For Subprime Mortgage Lending
Subprime lenders haven't always gotten the "credit" that they deserve. Why is it that in the words of Rodney Dangerfield, "They get no respect."? Could it be that there's too many crooked people on the B-paper side of the industry? Perhaps. But, there's also a lot of good people and good deeds. I found this report while digging through my files here and I like it because it reminds us all why we are in this business and how important even the "bad" loans are. It's good to keep our heads on straight and read another opinion on this often beat-up segment of the market. . . . >>> READ MORE
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DOWNLOAD = The Evolution Of The Subprime Mortgage Market
Ever wonder where the subprime market came from? It didn't always be this way. Back in the "old days" grumpy old bankers had a strict set of rules they went by before you could pry a penny from their pockets. If you didn't fit within the box, you were rejected outright...if not laughed out of the office! The emergence of "bad credit loans" or the subprime market is something of a recent phenomenon. It wasn't until the mid 1990's that the growth in this segment of the mortgage market really took off! In this 30+ page report aptly entitled "The Evolution Of The Subprime Mortgage Market" you'll learn about the fascinating history and growth of this area. Even, if you've been selling subprime mortgages but weren't exactly sure how they worked, here's your chance to learn. This report was a real eye-opener, even for me! This resource is in Adobe PDF format. . . . >>> READ MORE
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DOWNLOAD = The Best Value In The Subprime Market
It's no secret that different states have different laws regarding mortgage activity that occurs. But, the subprime market is a whole other ballgame. Nowhere is this more apparent than with the interest caps that Big Brother State puts on its brokers. They don't want consumers to be taken advantage of and for good reason. This report gives a 50 state overview of the problem and shows the differences that exist. . . . >>> READ MORE
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DOWNLOAD = Interagency Guidance For Small Banks On Subprime Lending
As I've been going through a lot of my research files here, I stumbled upon this interesting report. It's short and a bit dated (1999) but has some good stuff on how small local banks have usually handled the subprime customer. I include it here as reference material and another example of the government's willingness to turn a blind eye to the subprime warning shots. For what it's worth, enjoy! This resource is in Adobe PDF format. . . . >>> READ MORE
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DOWNLOAD = Promoting Home Ownership By Ensuring Liquity In The Subprime Mortgage Market
Uncle Sam is smarter than I think we give him credit for. The recent subprime mess was seen percolating years ago, and like a bad cup of coffee somebody should have put on another pot. Wake up bankers and lenders and smell the aroma! The subprime market catastrophe is the making of your own doing...you were too fast and loose at the steering wheel. If someone can't pay their bills, they certainly don't deserve the major responsibility of home ownership. Do you think people can afford to pay a mortgage when they can't even keep up with their phone bills? In this amusing and detailed treatise entitled "Promoting Home Ownership By Ensuring Liquity In The Subprime Mortgage Market" you'll be taken on a wonderful journey into the Wonka land of mortgage delusions. If you're wondering how we all got into this mess, you won't have to go too far to find the answers. They're in the burnt grounds. Enjoy! This resource is in Adobe PDF format. . . . >>> READ MORE
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DOWNLOAD = A Dynamic Look At Subprime Loan Performance
As the subprime meltdown continues in full swing, the naysayers and past fortune tellers of gloom are about to take a bow. Yes. They were right. And we were wrong. How could we not see this coming? Maybe it was greed or just plain stupidity or both. Who knows? In this report published by the Federal Reserve Bank Of St. Louis, entitled "A Dynamic Look At Subprime Loan Performance" examines the effect and implications of deliquencies on the subprime market. Funny thing is, it was written back in 2005. This meltdown should come as no surprise. The Feds knew it would happen, but why didn't we? It's a question no one can answer. This resource is in Adobe PDF format. . . . >>> READ MORE
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DOWNLOAD = Subprime Foreclosures: The Smoking Gun Of Predatory Lending
Given the current climate of the market, I find it ironic that much of the subprime collapse was something that had been a public secret. This wasn't unexpected and had been seen coming for quite some time. Here is a great report passed onto me by a fellow warrior, entitled "Subprime Foreclosures: The Smoking Gun Of Predatory Lending". It's eerie and right on the mark...unfortunately! This resource is in Adobe PDF format. . . . >>> READ MORE
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DOWNLOAD = Subprime Predatory Lending And Its Tricks Of The Trade And How To Recognize Them (Flyer Version)
In this lending flyer (brochure version also available), consumers are warned about the various scams, tricks and sneaky actions of predatory lenders. They aren't always easy to spot and there isn't a club out there that these banks belong to. So, consumers must do their own homework and know what to watch out for. Even at the "good" companies and big names, there are bad apple loan officers who prey on the needy and disadvantaged. Sure, they are entitled to make a fair buck too but at whose expense? This is a handy flyer to have on hand to create trust with your borrowers and warn them of the hustlers that are out there! Courtesy of the Office Of Consumer Affairs. This resource is in Adobe PDF format. . . . >>> READ MORE
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DOWNLOAD = Subprime Predatory Lending And Its Tricks Of The Trade And How To Recognize Them (Brochure Version)
In this lending brochure (flyer version also available), consumers are warned about the various scams, tricks and sneaky actions of predatory lenders. They aren't always easy to spot and there isn't a club out there that these banks belong to. So, consumers must do their own homework and know what to watch out for. Even at the "good" companies and big names, there are bad apple loan officers who prey on the needy and disadvantaged. Sure, they are entitled to make a fair buck too but at whose expense? This is a handy flyer to have on hand to create trust with your borrowers and warn them of the hustlers that are out there! Courtesy of the Office Of Consumer Affairs. This resource is in Adobe PDF format. . . . >>> READ MORE
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DOWNLOAD = Exposing The Hidden Problem Of Predatory Lending
Predatory lending is a serious issue in the mortgage industry and if you are dealing with subprime borrowers it's all too common. Don't get caught with your pants down and accused of raking your clients over the coals. In this report, you'll learn the 29 indicators of a predatory lender and how you can avoid becoming one. Now if only the bad mortgage brokers weren't so greedy...but I digress! This resource is in Adobe PDF format. . . . >>> READ MORE
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DOWNLOAD = Non-Prime Mortgage Market In USA
As many of you know, my former career was in research and in government. If you weren't aware, there is a lot of great information that's freely available regarding many industries, including mortgages. But, you have to know where to find it. Here is one professor's view of the non-prime (subprime) mortgage market in the USA from testimony before U.S. House Of Representatives. This report covers an overview of the market, credit spreads and lending disruptions. All things which affect the subprime mortgage market. The better educated you are on these types of the loans, the more you will be able to sell. Enjoy! This resource is in Adobe PDF format. . . . >>> READ MORE
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Can Government Solve The Foreclosure Problem?
Foreclosures are up nationwide, and will continue to rise as prices continue to go flat in many markets. For some, the problem is painful. Ask New Century Financial Corporation, the nation's second largest subprime lender, who recently filed for bankruptcy. Ask the guy down the block from you whose house is in foreclosure. . . . >>> READ MORE
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DOWNLOAD = Subprime Market And Risk-Based Pricing
I've always prided myself on being up-to-date on all the latest happenings in the mortgage market. That's probably why my clients trust me over other "loan officers" out there. It's because I can speak broadly about real estate and have insights that other brokers can't offer. Here is another excellent report from HUD regarding the history of the subprime market and how it operates. Although it is a bit old, it gives a nice overview on some of the mechanics behind how things operate. For that quality alone, I felt it was worth adding to the reference library here on Battlecall. Enjoy! This resource is in Adobe PDF format. . . . >>> READ MORE
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DOWNLOAD = Q & A On Subprime Lending
Here's a great little guide on the in's and out's of subprime lending passed along to me by a fellow warrior. It covers why subprime loans have higher interest rates and what bad credit actually means. Also has a warning for consumers about predatory lending and what to watch out for. Brochures like these are great tools to establish trust with your clients as well as educate them on the confusing loan process. Doing so puts you at a distinct advantage over the competition because you're the one being proactive in the borrower relationship and establishing long-term trust with the prospect. This resource is in Adobe PDF format. . . . >>> READ MORE
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DOWNLOAD = Sub-Prime Fax Blast Cover Sheet
Need to get a sub-prime quote fast? Use this quick and easy sub-prime fax blast cover sheet to solicit feedback and a loan quote on your most difficult deals. By standardizing your loan processes, you'll be able to place and lock deals a whole lot faster. I've found that with sub-prime wholesalers their time is severely limited so anytime you can streamline things will mean a faster response time. Feel free to modify this fax blast sheet to suit your needs (could also be used as an email). This resource is in Microsoft Word format. . . . >>> READ MORE
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DOWNLOAD = Nontraditional Mortgages: Appealing But Misunderstood
Not sure how nontraditional mortgages work? What about option ARM loans and negative amortization? Does sub-prime baffle you too? In this treatise written by the Chicago Federal Reserve Bank you'll learn in layman's terms some of the in's and out's associated with these types of mortgage loans. This was passed along to me by a fellow warrior and for what it's worth, I now I share it with you. A quick, easy and enjoyable read! This resource is in Adobe PDF format. . . . >>> READ MORE
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DOWNLOAD = Fast Sub-Prime Borrower Worksheet
Sub-prime clients are some of the best loans to work on in any mortgage market whether it be high or low interest rates. Everybody needs a place to live and even people with "not so good credit" have to have a roof to sleep under. So there's a reason why they need you just as much as you need them. And, don't forget that with sub-prime borrowers the payout on them can be as high as 2 points on the back-end from the lender and 2 to 3 origination points upfront from the borrower paid to you...making a total average commission spread of $5,000 to $8,000 or more (depending on loan size). Not a bad chunk of change for helping get somebody out of a jam. Here is one of my most useful tools, a fast and easy sub-prime borrower worksheet. Use it to prequalify your prospects or to fax to your lender wholesalers. Either way, it'll help give you the upper hand! Enjoy! This resource is in Microsoft Word format. . . . >>> READ MORE
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Making This Bad Credit Loan The Last You'll Ever Need
If you are suffering from bad credit in any form, you probably want to do everything you can to clean things up so you can enjoy the world of good credit again. After all, in the media and from talks with the majority of mortgage brokers and big lenders, chances are you've been told that bad credit won't get you anywhere -- ever. . . . >>> READ MORE
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Sub-Prime Mortgage Leads
If you are a loan officer or mortgage broker interested in purchasing sub prime mortgage leads, purchasing them by way of the internet may not be a bad place to start. But before you do that, find a mortgage lead provider that can deliver exactly what you are looking for, and that is sub prime leads. . . . >>> READ MORE
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Watch Out For Dangerous Sub-Prime Loans
One rapidly growing sector of the lending market is the so-called "subprime" market, which caters to consumers with poor credit records. The subprime market is a profitable one, as lenders offer loans to consumers whose poor payment history targets them as risky clients. . . . >>> READ MORE
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DOWNLOAD = A Source For Subprime Boomers
Many of you have asked for a direct mail source for subprime borrowers. After much research and investigation, I came across a promising source of bad credit borrowers. (Though, we can not vouch for their effectiveness as we haven't used them before.) If these are the types of borrowers you are looking for, this list may just be the answer. Please report back with your results if you end up using this company. Subprime borrowers are hard to find and any source that produces quality leads is sure to be a goldmine! This resource is in Adobe PDF format. . . . >>> READ MORE
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DOWNLOAD = The Economics Of Subprime Lending
This is a great report covering the economic fundamentals behind the subprime mortgage market. Covers risk-based pricing, consumer behavior, how the markets operate and what causes price movements. If you've ever been curious about how this segment of the mortgage industry works, you'll want to read this special report. Donated by a fellow warrior. This resource is in Adobe PDF format. . . . >>> READ MORE
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