The Importance of Background Reporting
In a continued effort to provide superior customer service and product updates to our clients we launched our Broker User Survey earlier in the year to gain a greater insight into how we are doing.
Many of our survey results highlighted the need to focus training on the services we offer in our software, including the ability to run a background check on a borrower powered by LexusNexus.
Background checks on borrowers are an important step in many, if not all, private or hard money lending transactions. *
Lenders require background checks to gain a better understanding of the borrower and their likelihood of repaying the loan. In certain situations, a background check can make or break the loan.
The typical red flags lenders will be looking for in a background check are any real estate delinquencies such as missed mortgage payments, defaults, or foreclosures. This is one of the most important items lenders will look into on a background check and can be the hard-determining factor to pass on giving a loan. Lenders will also look at any judgments or tax liens and fraud, criminal activity or serious felonies reported. Depending on the lender, there may be other items that can be deemed as a red flag, but lenders will always specify the problem when declining to continue with the loan scenario.
With that being said, if you have a client that has any of these red flags come up on a background report, be upfront with your lender and talk through the different paths to getting the deal funded. In some cases, lenders will be able to make an exception on certain occurrences.
As a user of Bridge Loan Network, Brokers and Lenders can run background reports on borrowers similarly to running a credit check. The background report will be stored in the Bridge Loan Network system and attached to the borrower for 90 days.
*Our team at Bridge Loan Network has lenders in our network that can provide loans with no credit or background check. If you have a client that you think may have a problem with either aspect, ask our team about our no document lenders.
Streamline Your Process with Bridge Loan Network
Bridge Loan Network is the industry solution for streamlining the process of originating hard money loans. With more features than before, your company can do more on Bridge Loan Network’s Loan Origination System (LOS). Our team has taken some of the most tedious tasks and offered them to you with the click of a button.
Order appraisals, pull credit and background, communicate with brokers, upload and manage documents, all without ever leaving the platform. Our LOS also has a built-in rehab budget for borrowers to complete. Lenders can also charge fee’s through the system that the borrower can pay by following a simple link.
We also offer our LOS users the ability to link our software directly to your website, allowing borrowers to input loan requests directly to your team. Provide a similar link to your best brokers, to guarantee that their business comes directly to you.
Don’t forget about the deal flow that our referral network can bring to your company too… Our Network has more brokers than ever before. Those brokers input deals that need funding, you as a lender on our platform have the opportunity to fund these deals. With our network you will receive more than just a name and email address as a lead, you will be getting partially complete packages. And, the best part is that the deals you receive will be specific to your lending parameters, giving you the most qualified leads.
Originating loans has never been easier than it is today with Bridge Loan Network. Training and on boarding are free, and our hard-working team is always available to answer any questions. Let us help streamline your origination process!
Contact a member of our team today!
Appraisal Nation and Bridge Loan Network
Bridge Loan Network has recently partnered with Appraisal Nation to make it simple for lenders to order appraisal directly through Bridge Loan Network. With one click you can order an appraisal for any property nationwide.
In the private money industry, time is one of the most valuable assets. Appraisal Nation saves your company time by stream lining the appraisal process. Simply place an order through our system to Appraisal Nation and they will do the rest. Utilizing their nationwide network, your request will be assigned to a certified appraiser within an average of 4 hours.
After the appraisal is scheduled, Appraisal Nation’s Client Service team will continue to work with the appraiser until the report on the property is finished. Once the report is complete, Appraisal Nation has their in-house appraisers review the to ensure all fields are complete.
Now that Appraisal Nation has partnered with Bridge Loan Network, we are excited to bring our clients the ability to order appraisals directly through our system. Making the appraisal process faster and easier for all of our clients.