[Zach]

MCNetwork because attorney states take up to a week or even two to obtain title. Why would we wait for our valuation to come back, underwrite the deal, THEN order title, and find out there is a $500K tax lien on the property? That would waste our underwriting team's time, the borrower has to wait longer to get funded, and since title is so cheap anyways it is basically a moot point. It's usually like 300 bucks, and our average loan size is in the $150K range.

To compare it to MCA, that would be the equivalent of underwriting a deal without seeing the most recent bank statement, for a $150K deal. It is a necessary piece of information for our type of lending.

[MCNetwork]

So it takes weeks to issue a pre-approval on a file because you order title on every application that comes to your desk? That's not very efficient. Why don't you do what mortgage companies do? They issue the pre-approval and once contracts are signed, THEN they order title and conduct the full underwriting. If the tax lien shows up afterwards, then that's just part of the process and you issue the hard decline.