[cardinalequity]

My experience is that really only higher risk lender do that. They'll approve a file pending credit check and bank login. I think the reason for that is because for the most part factor rates won't change much, they will be high whether it's a 540 fico or 620 fico. The A lenders will typically pull credit right away because personal and biz credit will play a big difference in there potential factor rate and term. So it's part of seeing the whole picture upfront for them.

I appreciate the input.

I usually deal with the Merchants on the sales end of things and my firm's President and Office Manager handle the Underwriter's and submission part. They fill me in pretty well but based on what I hear from them and several other people(and this is my opinion) is there is just a disconnect between the Lenders and Brokers. It is not always explained WHEN they pull or if it is a "Soft Pull" or not. These things should all be explained by every single lender. Yes, there are some that are thorough and fill us in on their process and then there are the one's that piss on your back and tell you it's a waterfall! "Just send the file! We fund in 2 hours!" you guys know the type....

I would still like some feedback from the Lenders as to whether this type of arrangement is doable....Good for the Merchant, good for us in terms of saving time. Win Win.

[JSL23]

My experience is that really only higher risk lender do that. They'll approve a file pending credit check and bank login. I think the reason for that is because for the most part factor rates won't change much, they will be high whether it's a 540 fico or 620 fico. The A lenders will typically pull credit right away because personal and biz credit will play a big difference in there potential factor rate and term. So it's part of seeing the whole picture upfront for them.

I understand that, which is why my idea is to pull BEFORE sending it out so the Lenders can see the score and the date. When an offer is made and accepted, they can do another pull. This is, in my opinion, in everyone's best interest. The Lender knows the Credit score immediately, the Merchant pretty much keeps their credit score as is and it should expedite things a little bit. It is also a good selling point. I would just like to get an idea from some Direct Lenders how feasible this is......

[J.Celifarco]

I understand that, which is why my idea is to pull BEFORE sending it out so the Lenders can see the score and the date. When an offer is made and accepted, they can do another pull. This is, in my opinion, in everyone's best interest. The Lender knows the Credit score immediately, the Merchant pretty much keeps their credit score as is and it should expedite things a little bit. It is also a good selling point. I would just like to get an idea from some Direct Lenders how feasible this is......

I dont think all lenders would go for it but I believe some definitely would. Banks that you do the most business with would be most likely to agree to something like this. That said I doubt you would be able to get a consensus across the board from all the banks you work with to agree to it

[JSL23]

I dont think all lenders would go for it but I believe some definitely would. Banks that you do the most business with would be most likely to agree to something like this. That said I doubt you would be able to get a consensus across the board from all the banks you work with to agree to it

I'm sure you're right, I'm not looking for an absolute consensus, more like a general feel....if I felt that 65%-70% of the Lenders would go for it that would probably make it worth doing.

[J.Celifarco]

I'm sure you're right, I'm not looking for an absolute consensus, more like a general feel....if I felt that 65%-70% of the Lenders would go for it that would probably make it worth doing.

there is no harm in asking, give you lenders a call and see what they say