portfolio loan

Yup you're approved!today on Yup, you're approved! We're talking with Ted Lyonstalking about portfolios loanslet's see what we can do TedI guess can you tell me kinda what isa portfolio loan? what sets portfolio loans apart fromalmost every other mortgage loan out there is almost every other lender goes onguidelines and standards by this Fannie Mae Freddie MacUSDA Veterans Association Federal Housing Administrationthere's always guidelines that are handed to lenders and we're toldunderwrite this file and it fits these guidelines it fit in this box you've got a great long list to go byselling transfer but with portfolio loan itis a loan underwritten completely in-house by ourselvesfunded with own money with the intention that it's never going to besold to anyoneso what that does is frees up lets us get outside the boxand less red tapeokay great basically in in this market is mortgage environment whos really doingportfolio loanspractically no one i've worked for many companies through the yearsand this is the first lender I've ever worked with that offers portfolio loansmichigan first mortgage division of michigan first credit unionwe have our own funds to lend
almost everyone elseis playing within that same box and so you go to lender and lendingcompanythey're all still working with the same playbook we mentioned earlierbut with us you know who takes care of you it is maintained in house we service ourselves so there's neveranyone else to sendpayments to they go directly to usso can you give us a few situations wherea portfolio loan would I guess be appropriate forcertain situation sure I guess it falls into two categories one is individualsand the other is actual property when it comes to individual situation isthere are lots of folks who had bankruptcies foreclosures or shortsalesthey are too recent or not far enough in the pastfor them to be eligible for those other loans we talked aboutin general if you've got a foreclosure in the last three yearsevery lender looking at every program is going to be the sameno because it doesn't fit into general parameters sofolks in our company has a great slogan"bad things happen to good people" that situation where someone has a negativefinancialevent too recent has to be underwritten by regular guidelinesso we find an opportunity to say yes and actually get them into a homeand not have to rent exactly that because we lookat with our own eyes we're not just plugging someone intoparameters with our underwriting guidelines we look at the totality of thecircumstancesand that gives us the ability to say yes when other people are forced to say noso not as much a black and white checker in the box situation moreof a common sense idea absolutely looking at the entire pictureso individuals with it events

in the pastthat's when its nice to go to our portfolio loansand the other side is properties that just don't fit normal guidelinesfor most scenariosand the most common example that are condominium complexes we can talk aboutthat in the near futureawesome appreciate that talk to you more nexttime on you, you're approved!