A good lead must have two components:
The Lead must match the Lender's program (e.g., type of residential, commercial, location, credit, LTV, loan amount range, loan position, etc.).
The Lead should come from the right source. A Loan Broker would want a lead directly from a consumer, and a Wholesale Lender would only accept leads from Loan Brokers.
To improve the quality of the leads, we are constantly working on better integration between consumers seeking loans, Loan Brokers, and Wholesale Lenders.
To avoid bad leads, Lendersa implements the following Rules:
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The rules will become effective in January 2025
We ask each registered member to update their Loan Input Profile and LIPs to implement the lead distribution rules. And attest to their lending capacity.
Each PLC could have one of three options for Non-Hybrid Lenders and one of six for Hybrid Lenders.
Hybrid Lenders can act in two or Three Capacities.
Below is an example of two Profile Lead Captures a BDW Hybrid Lender entered. A BDW Lender can act as a Broker, Direct Lender, or Wholesale Lender.
PLCs #1001 and #1002 both belong to a single Hybrid lender named Joe Smith
PLC #1001 shows that Joe acts as a direct and Wholesale Lender in California only, where he can receive leads with loan amounts between $300,000 and $3,000,000 in 1st position only. As a Direct Lender Joe will receive leads from Borrowers, and as a Wholesale Lender, Joe will get leads from Brokers
The PLC shows that Joe's minimum credit score requirement for direct funding is 750 and will go up to 75% LTV for clients with excellent credit who are not owner-occupied
In California, Joe meets the criteria of Direct Lender and attested to the following statement :
Joe's company underwrites and approves loans based on this profile
Loan documents bear the name of Joe's company
Brokers and Borrowers submitting leads that match this PLC could talk directly with Joe. Leads from users that do not have a 750 credit score or request loans above $3,000,000 will not be able to reach Joe.
Note: Joe could enter another PLC to accommodate clients with lower credit scores but reduced LTVs, like a Minimum 600 credit Maximum LTV of 65%.
Joe can create an unlimited number of PLCs or use the Loan Input Program (LIP) for more comprehensive loan scenario matrixes.
PLC #1002 shows
that Joe Smith could act as a Broker for leads that are in California or in other states..
When Joe acts as a Broker, he will not receive any leads from other Brokers; he only receives leads directly from consumers or real estate agents. The PLC #1002 shows that Joe can arrange hard money loans with a credit score of 640 or higher and loan amounts up to 50,000,000 with LTV not higher than 65%.
In addition, Joe's PLC #1002 shows that Joe has licenses to broker conventional loans such as non-Qm, Heloc, Reverse, Conven, Va, Construct, FHA, VA, and USDA loans. The underwriting of those agencies' loans is the same in all states. The maximum loan amount is calculated automatically based on the number of units and the county where the property is located.
You may think that entering a very wide range of leads in the PLC menu will get you all the leads, but this is incorrect.
For example, Ben Johnson entered all states with loan amounts from 30K to $50 Million, including any credit and any LTV. Ben will receive leads with LTV of 90% and credit of 500, which he cannot do, and it will be just a waste of time. Moreover, our AI will soon detect any deemed unreasonable PLC and block Ben Johnson from getting leads.
In summary, entering several PLCs will maximize the number of leads while keeping them relevant to the Lenders' actual loan programs.
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