Any lender that does FHA loans can get into the Streamlined k loan program.. is that right? problably not, but that is the fact. They dont' have to know anything or take a course just start doing them. What has happened with that program? What happens when you have no oversight on any government program? It fails or has repurcussions.
We find that it is better to have consutlants involved, even on the streamlined k product. That oversight is so important. Our friends at Bank of America use is on the Sreamlined k as well as the "Full 203k" because it just makes sense to reduce your risk by having that oversight.
If you have been a Streamlined k lender for some time now then it is time you ventured into the realm of the Full 203k. Get your feet wet, your loans will likely be larger thus your commissions will be larger, your 203k consultant can provide you with your training, if not then we can. This is a major step but you are loosing business each time another full 203k goes down.
How many times have your Realtor clients heard you say, this loan has too much renovation for the 203k because YOU can't do the full 203k? You don't want them to go somewhere else where in fact the renovation really wasn't too high for the program, what you failed to say was "it is too high for the 203k we are qualified to do".
Realtors, realize that if you have a million dollar house that needs work, it might be a 203k with a large down payment and otherwise might not be a loan at all from any source.
Comments(2)