Thursday, August 09, 2007

Broker Application Practices

by Tanta on 8/09/2007 07:31:00 AM

This is the sort of thing that can help drive up the MBA Application Index:

Like Mr. Sanders, Joel Kaufman, president of Pittsburgh National Lending, works primarily with subprime lenders. When he saw problems developing in the subprime market several months ago, his South Side-based company changed its approach to getting customers qualified for loans. In the past, Mr. Kaufman would submit a customer's loan application to a single lender, then submit it to a different lender only if the first one did not work out.

Now, he said, "We like to submit our loans to at least three different lenders" from the outset.