financial questions and answers


How competitive is Loanology.Net with interest rate, costs and variety of loan programs?
We pride ourselves on providing very competitive loan programs and rates to clients.  We have relationships with over fifty different lending institutions, including all of the top national lenders so we are able to negotiate very competitive rates and terms for our clientele.  In all situations, saving our clients money is our main concern.  We have hundreds of loan programs to choose from and can find a loan solution no matter what the credit circumstances, job history or down payment situation. 

Back Top

What are non-conforming loan programs and are they available?
Loans that are not vanilla A paper (excellent credit) loans are generally considered non-conforming.  If you have a client with less than perfect credit, cannot prove income or needs a jumbo loan, they will need a non-conforming loan program.  We have sub-prime loan products ranging from "A" to "C" paper.  Your Loan Consultant will structure these loans to meet your client’s specific needs.

Back Top

Are non-owner occupied property loans available?
Yes, non-owner occupied property loans are available.  Your investor clients are usually very particular about the type and cost of their loan.  Your Loan Consultant will work closely with these clients to make sure they get the best loan for their investment needs.

Back Top

Are loans available for townhouses (row homes) or co-op properties?
Yes loans are available for townhouses (row homes) and co-op properties.  The loans for these properties are not much different than those for single family residences.  Call you Loan Consultant to find out more.

Back Top

Can I be paid on a FHA and VA loans?
No, these programs are not available at this time, however, there are several conventional loan programs that have many of the advantages of FHA and VA loans. We recommend you gather the loan data through the Loanology.Net System and submit the loan. Your Loan Consultant will work with you and your borrower to determine the best loan.

Back Top

Are commercial loans available?
Commercial loans are not available through the Loanology.Net System, however you should contact your Loan Consultant as they might have resources to help you with commercial loans, however you cannot earn a fee on commercial loans.

Back Top

What types of loan programs are available for my borrower?
Mortgage companies typically offer a variety of loan programs for those borrowers with good credit as well as those borrowers with not so good credit.  Call your Mortgage Partner for a more specific list of loan programs.

Back Top

Can I originate a loan for myself?
Yes, if you are a signed independent contractor with Loanology.Net you can originate a loan for yourself.  However, there are circumstances that accompany this type of transaction.  You cannot earn a fee for this transaction however call your Loan Consultant to see if there are any discounts available for individuals working with Loanology.Net.

Back Top

How do I choose the title company?
Your order a title report in the same way you order the appraiser. You complete the title company information in the Loanology.Net System. If you do not have a preferred title company, you will authorize Loanology.Net to select an appropriate title company. The title report will be sent directly to Loanology.Net.

Back Top

How do I choose an appraiser?
After you received loan approval and a property has been determined, you order the appraisal by simply completing the appraiser’s name and contact information in the Loanology.Net System. They just need to be experienced, certified and hold a current license. If you do not have a preferred appraiser, you will authorize Loanology.Net to select an appropriate appraiser. The appraisal will be sent directly to Loanology.Net. Your borrower is responsible for paying the appraiser directly.

Back Top

Is there a Calculator that can be used to know if a borrower can qualify for a particular loan amount?
The Affordability Calculator on the Loanology.Net website is an excellent tool to help you calculate if your borrower can afford a particular loan amount.    This Affordability Calculator only gives you an estimate.  You should contact your Loan Consultant with any questions about loan programs and affordability.

Back Top

Can I pull my borrower’s credit before I submit a loan using Loanology.Net?
Yes, you can pull a preliminary credit report, however, you should be aware that pulling multiple credit reports may lower credit scores.  We are required to pull a credit report to make a loan decision and will inform you and your borrower if there are any problems on the credit report.

Back Top

What if the borrower has poor credit?
It is not uncommon to find negative items on a credit report.  Studies indicate that up to 45% of all credit reports contain erroneous items.  We provide a Credit Repair Kit to help your clients deal with derogatory credit issues.   We also have a partnership with a Credit Repair Company that is both cost efficient and very effective for clearing credit issues – even bankruptcies – from credit reports.

Back Top

What are the fees charged to my loan client?
Clients will pay the loan origination fee (1% of the loan amount), appraisal, title and underwriting fees.  We charge one administration fee of $695 which handles all of the standard fees (credit report, processing fee, courier and wire fees, document preparation fees, etc.)  In most cases, this administration fee is far less than the fees charged by most mortgage companies.  Each of your borrowers will get a Good Faith Estimate three days after the credit report is pulled and the loan is submitted.  As the name implies, the Good Faith Estimate is an estimate of the fees for that specific loan.

Back Top

What is the lowest loan amount I can do a loan for?
The lowest loan amount you can do for a loan is $50,000.  Be aware that there are generally additional fees charged for loans below $80,000.

Back Top

Where can I get current interest rates?
Check the Loanology.Net website for Today’s Rates on the most popular loan programs.  You can also call your Loan Consultant to get a rate.