QUESTIONS & ANSWERS (Q&A)
Do investor loans need to be non-owner occupied?
Yes, investor loans require that borrowers not live in the property. It must be an investor loan where they plan to rent the home to pay their monthly loan obligations.
When and how do I get paid?
When you close a loan you will recieve a link to ADP to complete your payroll information so that your compensation is deposited (ACH deposit) into your bank account. Payment is made the same week you close as long as Finibi Mortgage has been paid by the title company except on Fridays. If a loan closes on Friday, you will be paid the following week.
How will I submit documents?
You will create a dropbox account and will send all documents to finibimortgagelo@gmail.com through dropbox and make it "shareable" so that we can add document to your file and have access to any documents you are sharing.
How to find potential borrowers?
The based way to bring in leads and borrower is through realtors, friends, and family. Realtors are you best futue referral source. Giving out business cards to everyone you meet and creating a slogan on a shirt and wearing it in public places has been an easy way to bring in business. You can create shirts on Vistaprint or other websites that say "need an investor loan?" or "ask me about fast investor loans" or similar. Social media has become very popular as well. Buying leads is another option.
Who completes the 1003?
The loan officer will complete the 1003 which they can obtain at any time from this website and must be signed and dated by both the borrower and LO. NO INCOME SHOULD BE ENTERED. You can obtain a blank new 1003 by going to: https://singlefamily.fanniemae.com/media/7896/display . If a lender requires the old 1003, you can find it by going to https://www.fhfa.gov/forms/MortLangDocs/1003irev_unsecured.pdf
Will the borrower have a prepayment penalty?
Most investor loans have prepayment penalties which means they will have to pay a fee when the loan is refinanced or the property is sold. The borrower can choose not to have a prepayment penalty but this will increase the interest rate.
What is a DSCR loan?
This is a type of investor loan where the debt service ratio (DSCR) is used to determine if the borrow qualifies or not for the loan instead of their job income. For example, if the total debt payments are $2,000 and the rental income is $2,200, the DSCR would be $2,000 / $2,200 = 0.90. The rental income is determined by the appraiser when they do they comparable rent analysis.
What is a no-DSCR loan?
This is a type of investor loan where the debt service ratio isn't used at all so the loan will be approved much easier and most borrowers will be approved for the loan.
What if the state I am in cannot do investor loans without me being licensed?
You can always close loans in other states that do allow you to be a loan officer on investor loans.
