[TB-Commercial]

LoanMe only requires (2) months in business. 60 days transaction history on a business bank account.

Hi, and thanks for the response! I do currently have a relationship with LoanMe. But I have a few issues that have been confusing me lately and maybe you can help. I've submitted several clients, and after they were approved for 1 amount, and went through the whole process of sending docs, etc...the amount was changed and dropped majorly. I'm talking like from $50k to $15k on a 700+ credit deal. The answer I received was that after review, the monthly income was not what we expected. But the statements were given and used for underwriting the first time so I'm not sure what changed? This has happened with several deals so I'm a little hesitant to send more deals. You guys are very nice, so please don't mistake this as a hit against your company, I'm just seriously at a loss for how to work with you. It's made my reputation look bad with my clients as well, especially considering they have to talk with a LoanMe agent and not myself, the introducing broker who they've established a relationship with.

Please let me know how we can work together, as I love your platform and have many quality deals to send to you.

[LoanMe]

Hi, and thanks for the response! I do currently have a relationship with LoanMe. But I have a few issues that have been confusing me lately and maybe you can help. I've submitted several clients, and after they were approved for 1 amount, and went through the whole process of sending docs, etc...the amount was changed and dropped majorly. I'm talking like from $50k to $15k on a 700+ credit deal. The answer I received was that after review, the monthly income was not what we expected. But the statements were given and used for underwriting the first time so I'm not sure what changed? This has happened with several deals so I'm a little hesitant to send more deals. You guys are very nice, so please don't mistake this as a hit against your company, I'm just seriously at a loss for how to work with you. It's made my reputation look bad with my clients as well, especially considering they have to talk with a LoanMe agent and not myself, the introducing broker who they've established a relationship with.

Please let me know how we can work together, as I love your platform and have many quality deals to send to you.

TB,

No worries at all. We completely understand how this can be concerning. The last thing we want is for you to look bad with your clients. Lets work together to make sure everyone is on the same page with our pre-approvals and final approvals. Because of our speed of funding (as soon as 4 hours) we have separated duties from the ISO partnership team, LoanMe agents, and Underwriters.

Allow us to try to address this briefly here. When a file is submitted to us as you know a LoanMe agent reaches out to your borrower directly to take an application over the phone on a recorded line. When the agent is speaking to the borrower they do ask what their monthly income is over the last 2 months. This number is then entered into the application and with the borrowers authorization the application in run. This gives the pre-approval and places the borrower into one of our 6 set tiers and buckets- based on the applicants credit profile and income entered into the application. For our product witch carries mostly 10 year terms, its very important that we score the individual borrower first and then the business a close second.

Once the file is pre-approved the docs are then sent to UW. If the borrowers business bank statements reflect something different then the borrower told our agent over the phone, then this is how the amount could decrease or increase. LoanMe will look at and use the lower of the last (2) months gross business deposits as the income number. Underwriters are the ones that dive into the bank statements to ensure all of the deposits are true business income. Additionally if there are outstanding balances, these could be deducted as well depending on the Tier the file fell into.

LoanMe agents take on average 15-20 applications a day, so for the speed of funding and the quickness of our process the Initial agent that takes a phone application with your borrower is not looking at the bank statements like an Underwriter would. They may glance at gross deposits, but cannot dive down into the detail of those deposits and calculate exact true business income. This is the Underwriters job after the borrower is pre-approved.

We apologize if things may be getting lost in translation here on a forum, so we invite you to call us directly to go over the specific files you are referring to. I'm sure we can come up with a logical explanation based on our program guidelines and what happened to these files. This will ensure any future files you submit will have the proper expectations going into an application call with LoanMe.

Please give us a call at 949-535-7798.

Thank you,