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01-04-2018, 06:42 PM #1
Real Estate Lenders how to confirm legit
We see some other isos getting the run around from real estate lenders.
Lots of brokers pretend to be direct lenders. If they seem private or hidden they usually are not direct.
There are plenty of ways to confirm if a group is a direct lender.
1. Request a closing statement from title company with previous closing. The lenders name should be listed on the closing statements.
2. Do title or record search and you should see lender as lien holder on property.
2. Request Insurance Dec page should show lender as loss payee (though these often change so not 100% sure)
3. Request Proof of Funds
If you are working with a broker that claims to do big RE deals the closing statement should also show the brokers commission...
Also be wary of upfront fees. Most legit lenders dont charge upfront unless it is for appraisal or other reports.
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01-05-2018, 05:26 PM #2
- Join Date
- Apr 2016
- Posts
- 103
Well said!
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