Return to Website

Frequently Asked Questions
Search The FAQ:
 

FAQ Index
Ask A Question


Categories:
Category: Buying or Funding Loans
  1. How do I buy an existing loan, or fund a new loan?
  2. What does it mean when you refer to “…funding a loan?”
  3. How do I contact the party listing the loan asset?
  4. What information should I provide when inquiring about a listing?
  5. What role does LoanMLS play in the transaction?
  6. How do I set up a custom confidentiality agreement to be signed by inquiring members?
  7. When there are Broker Points listed...I'm having trouble distinguishing if those are points being Offered to a broker or if those are points being Requested by a broker.



  1. How do I buy an existing loan, or fund a new loan?
    Once you log in, select "Buy a Loan" or "Fund A Loan" from the home page to access listings. Loans are not purchased directly on LoanMLS. Our objective is to connect loan professionals. Once connected, members may exchange information and transact business independent of the LoanMLS site with their preferred vendors. LoanMLS is not a site for novice loan buyers. Sellers of loans are restricted by state and federal securities laws from conducting transactions with independent purchasers unless they are properly licensed. If you are new to the loan business and wish to invest in mortgages, trust deeds or other loan assets, please contact a licensed broker and have them conduct the transaction on your behalf. If you would like a referral to a broker, please email us at service@loanmls.com, and we will provide you with a list of registered broker members in your area.
    289 visitor(s) thought this was helpful. Do you? Yes, it was helpful No, it was not helpful


  2. What does it mean when you refer to “…funding a loan?”
    Many private money lenders represent borrowers who have been prequalified for a specific type of loan, and the loan is ready to be funded by a private investor. If you are an investor, you may send an inquiry directly to the broker to inquire about the opportunity. Borrowers are not members of LoanMLS. All loan listings for loans to fund are posted by brokers looking to fund a transaction on behalf of a borrower.
    192 visitor(s) thought this was helpful. Do you? Yes, it was helpful No, it was not helpful


  3. How do I contact the party listing the loan asset?
    When searching results, click on any underlined headline to view the details of that loan. On the loan details page, click the “Send an Inquiry” link, type in your message, and click "Send Inquiry". LoanMLS will send an email to the listing member on your behalf. If you wish, you may also instruct LoanMLS to include your profile. If you have not completed your profile, you may do so by loggin in and selecting the Account button, then Profile & Preferences.
    166 visitor(s) thought this was helpful. Do you? Yes, it was helpful No, it was not helpful


  4. What information should I provide when inquiring about a listing?
    We recommend you first complete your Profile & Preferences which may be accessed from the Account menu. Set purchasing preferences at the bottom of the page and determine whether or not you wish your profile to be sent each time you send an inquiry. If you wish, include your email and phone number in the message.
    192 visitor(s) thought this was helpful. Do you? Yes, it was helpful No, it was not helpful


  5. What role does LoanMLS play in the transaction?
    LoanMLS function is to connect buyers and sellers, much the way a residential multple listing service works. Once you find a loan listing of interest and make contact, the transaction concludes outside of the LoanMLS site. LoanMLS receives no fees or commissions related to the transaction. The only fee LoanMLS receives is an up front listing fee of between $20 and $50 to post the listing on the site.
    173 visitor(s) thought this was helpful. Do you? Yes, it was helpful No, it was not helpful


  6. How do I set up a custom confidentiality agreement to be signed by inquiring members?
    Under the Account Menu select Confidentiality Requirements and use the third or fourth options. If you choose the third option, cut and paste your own agreement in the space provided and members will e-sign your agreement. When the inquiry is sent to you, you will be notified the document was e-signed. If you select the fourth option, provide instructions on what you would like the inquiring member to do and then select Browse, select your document, then select Update Requirements. An example of instructions may be, "Print the attached confidentiality agreement and fax back to Robert at 888-555-1212."
    213 visitor(s) thought this was helpful. Do you? Yes, it was helpful No, it was not helpful


  7. When there are Broker Points listed...I'm having trouble distinguishing if those are points being Offered to a broker or if those are points being Requested by a broker.
    It depends on the listing. Typically, however, someone selling a loan will offer point(s) to a broker bringing the buyer. Similarly, if a loan to fund is posted, point(s) are offered to the broker who funds the loan themselves or with one of their investor clients.
    178 visitor(s) thought this was helpful. Do you? Yes, it was helpful No, it was not helpful




Report Content ·  · Online Photo Albums   Free Web Tools   Free Web Hosting   Cheap Domains 
powered by Powered by Bravenet bravenet.com

About Us FAQ Advertise Contact Us Tell an Associate Privacy Policy Terms of Use Site Map © 2009 LoanMLS, Inc. All rights reserved.