Manufacture and Mobile Home Lender Blog

Are you a mortgage broker, loan originator, resale agent or in-park sales person?

In the current economic environment locating a home only or chattel lender, for financing a sub-prime applicant, is like locating a needle in a haystack. However, it is still possible to find a wholesale manufactured home lender where you can submit that non-conforming purchase or refinance client.

Examples of non-conforming purchase or refinance scenarios:

1. Site built home owners walking away from their mortgages
2. Existing home owners seeking cash out refinancing
3. Existing home owners seeking refinancing to pay off debt
4. Applicants emerging from foreclosure or bankruptcy
5. Self employed applicants with complicated tax returns
6. No credit applicants
7. Alien applicants
8. Applicants whose credit rating has been damaged due to divorce, illness or other catastrophes but otherwise generally good payers

Advantages of submitting applications to a wholesale manufactured home lender:

1. Speed, as the lender typically underwrites and funds the loan.
2. Flexibility, as the loan underwriting is based on non-institutional investors needs.

Process submitting a loan to a wholesale manufactured home lender:

1. Initial submission of a fully completed HUD-1003 application and credit report.
2. These two documents should reveal sufficient information for the lender to either reject or issue a Conditional Letter of Approval.
3. The loan originator will typically submit documentation to verify information. supplied in the application.
4. If the lender approves the second submission an appraisal is then ordered.
5. If the appraisal is approved, the loan originator then orders the lenders documents, closes the loan and performs the necessary title work at the dept. of motor vehicles
6. The loan is funded when the lender receives the signed documents and new titles.