Do you work with mortgage brokers?
Yes. More than half of the borrowers who obtain hard money loans with Westar Lending Group are originated by mortgage brokers.
What does a mortgage broker need to submit on behalf of a potential borrower?
Simply said, we need loan parameters to be able to determine if we can fund the hard money loan for your client. An overview of the proposed deal and a 1003 loan application and anything else relating to the proposed loan would help. Often just a phone conversation will be enough for us to see if the deal will work. Mortgage Brokers Frequently Asked Questions
How do mortgage brokers get paid?
There are typically 2 ways:
- Check from escrow
- Check from Westar Lending Group
A check from escrow will require that the borrower sign and acknowledge the exact amount the mortgage brokers is making.
A check from us, where only the gross points charged are disclosed to the borrower which includes the mortgage broker points and Westar Lending Group’s loan origination points.
What is the time frame for closing?
The normal timeframe from hard money loan submission to loan funding is typically from 1-2 weeks.
Do you need to speak with my client?
Yes, we have found it necessary in the past to assess the borrower’s specifics and commitment to the requested hard money loan.
What are the credit requirements?
Since our company funds private equity/hard money loans there isn’t a minimum FICO credit score requirement. As with all other real estate loans, better credit usually leads to a better interest rates for the borrower. Mortgage Brokers Frequently Asked Questions
What are the income requirements?
Both state and federal laws require that all real estate lenders verify that the borrowers have the “Ability to Pay.” Since we’re not a big bank or an institutional lender, we have as much flexibility under the law as possible.
Do you work with borrowers who are in foreclosure?
Yes. But due to the California Foreclosure Consultant Act, if a borrower is in foreclosure we are required by law to investigate the cause and further investigate if the borrower has the ability to make monthly payments on the requested loan.
Can my client E-Sign?
Most of the time your client is not allowed to e-sign since we have always made a point of meeting the borrower when the loan documents are signed at escrow to fully explain the specifics of the requested loan. We have, in certain circumstances, allowed the borrower to E-Sign the loan documents.
Do you service the hard money loan?
We do not service hard money loans funded by our investors. Most of our investors either service the loans themselves or contract with an outside servicing company.