Value Add Tools for Non-Prime Mortgage Loan Officers and Brokers
The non-prime mortgage origination boom offers non-prime mortgage loan officers and non-Agency mortgage brokers new ways to get ahead, increase revenue, and develop their foundation for success. The non-prime mortgage industry benefits entrepreneurial non-Agency mortgage brokers who take advantage of the non-prime mortgage loan value add tools available.
As rate sheets determine mortgage loan interest rates for non-Agency mortgage borrowers, your understanding of how a rate sheet works and what factors end up determining the rates, especially with non-Agency residential mortgages, can be monumental. Master rate sheets can guide and help non-prime residential mortgage applicants obtain and qualify for a loan. What you learn may surprise you – the rates and the costs associated with a non-prime mortgage loan are not always correlated with risk.
It is important to understand how rate sheets work, how to read them, and know what factors go into the cost of a particular mortgage program to better guide non-prime mortgage borrowers in the non-qualified mortgage loan application process. This will give you control, allowing you to increasingly help non-prime applicants qualify for loans and obtain for non-Agency loan applicants get non-prime mortgage rate approvals that are financially feasible.
Non-Prime Mortgage Loan Programs
Know the details for all non-prime wholesale mortgage programs available to your non-prime mortgage clients. By knowing what non-Agency mortgage lender options are available and being able to provide a whole suite of Alt-A mortgage programs to your customers, you will be able to service your non-qualified mortgage borrowers with the best possible options and service and directly address their needs.
This goes beyond the general differences between fixed vs ARM non-prime wholesale mortgages, interest only mortgage loans, negative amortization, and knowing what points are. Find out what solutions are available for your non-prime residential mortgage clients even one day out of a foreclosure, short sale, or deed. Which programs offer the opportunity for self-employed non-QM borrowers to use bank statements to provide a proof of income? Are there any programs for non-prime mortgage investors available, or perhaps non-Agency foreign national mortgage programs? Knowing the details of these options can provide a significant advantage and savings for your non-qualified mortgage clients.
Invest in Training
Take classes offered to professionals involved other parts of the industry. This can include seminars on accounting, risk, or real estate. Classes allow you to directly connect and network with industry professionals while allowing you to better understand what their roles, duties, and limitations working with non-prime mortgages.
Classes give you multiple competitive advantages: you are better able to service the end-client, and able to organically network with the professionals you’re already trying to reach out to. You learn to advocate for your alt-A mortgage borrowers while providing a smoother borrowing experience in all directions, making for a more mutually beneficial nonprime loan servicing experience.
For non-prime mortgage borrowers who may have some difficulty getting a loan approval, this training and the relationships built can prove instrumental in putting together a stronger case. By facilitating a smoother experience through your understanding of the non-prime mortgage application process, underwriters and non-prime mortgage applicants will be more likely to refer new clients to you.
Invest in Marketing
As professionals across the world already know, the best way to obtain leads is to invest in marketing. Newsletters with useful content help you keep in touch with and inform potential and past non-qualified mortgage borrower clients, real estate agents, financial planners, or non-Agency real estate professionals.
Use catchy headlines on everything you produce. This includes newsletters, postcards, letters, and content pieces, capturing the attention of those who may not have looked in the first place. You can also write a thank-you card to someone every day. It puts you in a better mood, actively reminds you to connect with people, and is a personal touch most people appreciate.
Angel Oak Mortgage Solutions offers a number of non-prime wholesale mortgage solutions for low credit borrowers.