What is a portfolio loan?

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Portfolio loan for unique mortgage needs.

Portfolio Loan and Mortgage Solutions

Adam Lesner and Ted Lyons
Today on Yup, you’re approved! We’re talking with Ted Lyons
talking about portfolios loans let’s see what we can do
Ted I guess can you tell me kinda what is a portfolio loan? what sets portfolio loans apart
from almost every other mortgage loan out there is almost every other lender
goes on guidelines and standards by this Fannie
Mae Freddie Mac
USDA Veterans Association Federal
Housing Administration
there’s always guidelines that are
handed to lenders and we’re told
underwrite this file and it fits these
guidelines it fit in this box you’ve got a
great long list to go by
selling transfer but with portfolio loan it
is a loan underwritten completely in-house by ourselves
funded with own money with the intention that it’s never going to be
sold to anyone so what that does is frees up lets us get
outside the box and less red tape

okay great basically in in this market
is mortgage environment whos really doing
portfolio loans practically no one i’ve worked for
many companies through the years and this is the first lender I’ve ever
worked with that offers portfolio loans michigan first mortgage division of michigan first credit union
we have our own funds to lend almost everyone else
is playing within that same box and so you go to lender and lending
company they’re all still working with the same playbook
we mentioned earlier but with us you know who takes care of you it
is maintained in house we service ourselves so there’s never
anyone else to send payments to they go directly to us

so can you give us a few situations where
a portfolio loan would be appropriate for
certain situation sure I guess it falls
into two categories one is individuals
and the other is actual property when it
comes to individual situation is there are lots of folks who had
bankruptcies foreclosures or short-sales they are too recent or not
far enough in the past for them to be eligible for those other
loans we talked about in general if you’ve got a foreclosure
in the last three years every lender looking at every program is
going to be the same “no” because it doesn’t fit into general parameters
so folks in our company have a great slogan
“bad things happen to good people” that situation where someone has a negative
financial event too recent has to be underwritten
by regular guidelines so we find an opportunity to say
yes and actually get them into a home and not have to rent? exactly that
because we look at it with our own eyes we’re not just
plugging someone into parameters with our underwriting guidelines
we look at the totality of the circumstances
and that gives us the ability to say yes when other people are forced to say no

so not as much a black and white check in the box situation more
of a common sense idea? absolutely looking at the entire picture
so individuals with it events in the past that’s when its nice to go to our
portfolio loans and the other side is properties that
just don’t fit normal guidelines for most scenarios
and the most common example that are condominium complexes we can talk about
that in the near future awesome, appreciate that talk to you more next time on yup, you’re approved!

Portfolio Loan and Mortgage Solutions

Adam Lesner, Brighton Michigan

What is a portfolio loan?, Denver Portfolio Mortgage Lenders

Denver Portfolio Mortgage Lenders, What is a portfolio loan?.

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