Scotsman Guide > Loan Post > Broker FAQ: Posting Loans

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Broker FAQ: Posting Loans

 

Click the link to "Post a Loan" and then fill in the form. Review your form before hitting "Submit" because there is no editing posts once submitted. Loan Post sends you an email confirming your post, and then will e-mail you each time a lender posts a reply to you.  Click the name of the company that replied to see its Lender Detail page and begin doing your diligence.

What do I put on this page?

In the DESCRIPTION field, type the title of your scenario. Lenders use this to identify your loan and reply. Use something that easily identifies the loan, such as "SFR 650 FICO" or "Flagged Hotel Refi." Do not type in your clients' names, yourbrokers'names,yourownname,yourcompanyname, your phone number, your e-mail address, your IP address or anything else that could be used to identify/contact you in any manner other than posting a reply.

The CATEGORY field requires you to choose a category for your scenario. Please refer to Scotsman Guide's residential and commercial editions for category definitions

The KEYWORDS field allows you to enter words that lenders and brokers can search to find scenarios. Examples include "Reverse Mortgage," "Equipment Financing," "SISA," or "Gas Station," etc.

The STATE field has a drop-down menu for you to select the state or country where the property is located.

The ZIP CODE field allows you to enter the five-digit ZIP code where the property is located.

The LOAN AMOUNT field allows you to enter the dollar amount that your client seeks to borrow. Please enter numbers only (no $ symbols, commas or decimals).

The PROPERTY TYPE field allows you to select the property type that most closely matches your borrower's property. If you select "Other," please type in the property type using your own words.

The PURPOSE field allows you to select the purpose of the loan, such as "Purchase."

The OCCUPANCY field allows you to select the occupancy of the property, such as "Owner Occupied."

The DOC TYPE field allows you to indicate the loan's documentation level, such as "Full doc," "Stated," etc.

The LTV is the ratio of the loan amount to the appraised value. For example, a $160,000 loan request on a home that is appraised at $200,000 would have an 80% LTV.

The DSCR field allows you to enter the debt-service-coverage ratio. DSCR is a commercial real estate term used to describe whether the income from the property can service the debt. To calculate this, divide the net operating income by total debt service. A number greater than1.2 is usually ideal for a lender. A number below 1 indicates negative cash flow.

The APPRAISED VALUE field allows you to enter the property's value. Please enter numbers only (no $ symbols, commas or decimals).

The PREFERRED PRODUCT TYPE field allows you to choose a product that your client prefers. Leave it blank to allow lenders to offer you all available products that fit your scenario.

The LOAN TERM field allows you to enter the period of time over which your client wants to repay the mortgage. Leave it blank to allow lenders to offer you all available loan terms that fit your scenario.

The LOAN AMORTIZATION field allows you to enter the period of time over which the loan principal is retired through regular payments. Leave it blank to allow lenders to offer loan amortization that matches their product offerings.

The FICO field allows you to enter your client's credit score, which is typically a number between 300 and 850.

The DTI field allows you to enter the debt-to-income ratio, expressed as a percentage, for your borrower. DTI equals total monthly debt payments divided by total monthly income

The NOTES field allows you to type loan-scenario details that would interest a lender. Do not type in your clients' names, your brokers' names, your own name, your company name, your phone number, your e-mail address, your IP address or anything else that could be used to identify/contact you in any manner other than posting a reply.

TIP: Be sure your scenario is accurate before you click "Post Loan Scenario." Posts cannot be edited after submission.

Finally, click "Post Loan Scenario" at the bottom of the page. Click only once. Your screen will refresh, and you will see your scenario posted at the top of the list. We generate a confirmation e-mail that contains links to useful resources at www.scotsmanguide.com.

TIP: Jot down your Post ID number when you post your loan. You will see it underneath the red underlined title of your scenario. Refer to your Post ID when you contact lenders about your scenario.

Why can't I type in my contact information?

Loan Post is designed to help you find funding with a lender that advertises in Scotsman Guide. It is not a chat board. Therefore, unauthorized contact information is prohibited and deleted. Loan Post also will automatically hide e-mail addresses and telephone numbers in unauthorized fields.

What happens when I submit my loan scenario?

We immediately e-mail lenders who advertise in Scotsman Guide that want to receive notice of your type of scenario. These lenders also search Loan Post to find scenarios that interest them. They post their replies and contact you directly or invite you to contact them.

How do I find my scenario after it is posted?

Login first. Then click "Advanced Search" to see a checkbox marked "View Only My Posts" in the right column of the search fields, fourth item down. Click the checkbox and "Update Results." The screen will refresh to show only your posts. You can also search by Post ID number in the Advanced Search fields whether or not you are logged in.

How do I see who replied to my loan scenario?

Click the red underlined description of your scenario to open it, and view the contents of the posted reply(ies).

I made a mistake. Can I edit my post after it is submitted?

No, you cannot edit your post. We suggest you close it and post a new one.

How do I close my post?

When you close a post, it is no longer open to replies. Use the "Close Post" button, which appears to the lower right of your scenario when you are logged in. We suggest you close your scenario when you have found funding, if your client is no longer interested in a loan or if you have any change that makes a reply from a lender unnecessary.


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