Loan Brokers

O.K. I will bite…what is BNC

A non-conforming lender…They suck…I’ve got a deal that’s supposed to close tommarow and they added conditions last night at 8pm after telling me all week that we were clear-to-close…

My blood presure is up there right now.

that’s because BnC just bought out Finance America and they are going through a transitional stage… I’d stay away until the seas calm… and they figure out what programs to offer.

Residential mortgages all require licensing. Most commercial mortgages do not.

Mitch Chapman

Ya know Mitch…this is not an advertising forum and I noticed that most of your posts are some kind of solicitation…

You need to take some time and read the rules… :wink:

If you need to ask this question, then you really need a broker.
Banks only fund 30% of the mortgages out there.
That means that Brokers do the other 70%.
Banks are not really interested in lending, their business is taking deposits and lending them out at credit card rates, not lending money at puny mortgage rates.
That’s why they only accept A and A+ borrowers with no issues.
No stated income or stated assets etc.
No written off income loans. They expect P&L to show a profit sufficient to repay the mortgage with a 36% DTI ratio.
yadda yadda yadda. Tons of reasons.
However, if you have a great credit score and can go full doc with a good P&L, then you are bankable and would probably get a better deal going direct.

Mitch,
Let me correct you,

Not all resiential loan agents require licenses.
As a correspondent Mortgage Lender ourselves, our agents and loan officers are w-2 statuatory employees and therefore do not require individual licenses.
Each state has different regulations.
Most have a similar form of license.
Also… Most states will allow a mortgage company from another state to do up to 5 residential loans in their state without having to get licensed provided you request it in advance and get a written approval back.