Loan Runner :FAQ :Instant Sub-Prime Decisioning from the Leading Lenders

LOAN RUNNER PRICING SYSTEMS

FAQ

How much does it cost to use the Loan Runner^TM LSE ?
$29.95 Per month, including 50 searches. More searches can be purchased by using your console, under "balances".
Unused searches roll-over to the next month, whether purchased separately, or added as part of your monthly subscription fee.
It is rare that any individual uses 50 searches in one month when the system is used properly.

We also have bulk search packages with administration modules for larger shops and NET BRANCHES. You can create as many sub accounts as you want!
Please call the office (414-332-3777) or email us for further information.
Private Label and many other lender services are also available.

QUICK TIPS ABOUT LOAN RUNNER LSE :

1) Once in, click on "Loan Search".
2) Click on the little rectangle at the top left corner of the screen. It will move the screen in front of the console so you can see more.
3) If you don't choose a particular lender or loan type the engine will default to ALL and you will get results for all loan types from all lenders who offer programs that fit your search parameters.
4) The engine is very fast. If you don't use the "open in another window" feature, you may think nothing has happened. Scroll down and you will see your results.
5) Avoid simple entry errors by checking all data, carefully. That is especially important with items that create the debt ratio. Please read the instructions regarding the debt ratio data input. There are reminders posted 1) On this page. 2) In the first email you receive from us. 3)On the loan search form.

Important information regarding debt ratio on the search form:
You should not include mortgage, rent or any payments for debts that will be paid off with the loan. Our system will re-create the debt ratio for you as a qualifying factor in the search for each loan in our system.

Do I include the current mortgage in the monthly debt box?
IMPORTANT
No. Loan Runner will create the new DTI with the new loan results you are searching for.

Where do I enter the escrows for taxes and insurance?
Because this is part of the DTI, be sure in include the taxes and insurance in the monthly debt box.

I didn't get any results. What is going on?
Chances are, if you didn't get any results, there is a nuance in your setup that did not allow your scenario to match any lenders' programs. Most often, the reason is debt ratio. We had an LO tester who got a good loan from using our engine and when he sent it in to that lender for an "official" pre-qual the rate was .25 higher than the Loan Runner result. Upon review, it was discovered that the LO had NOT entered the proper bankruptcy information into the Loan Runner™ search parameters.
Solution: PLEASE check all input data, carefully.

How Do I Print the Results and Search Criteria?
To print the results, place a checkmark in the box on the left of the lenders logo of the loan scenarios you wish to print. Then, click the print icon at the top left. Your results will be printed with the search criteria at the top of the page.
We suggest you print out the first few loans that come up so you can shift lenders, if necessary without running another new search. You can also check your historical searches from you console or the main search page.

Can I connect directly to the lenders' sites from anywhere?
Yes, you simply click the lender’s logo.

I want to know more about the details of a particular loan. Can I find that information here?
Yes, click on the paper clip icon on the right side of that loan.

How do I know if these rates are current?
Click on the calendar date on the right side of that loan to see which rate sheet you are pulling rates from.

When a YSP is shown and I don’t see a P&I payment for that YSP, what is going on?
That lender does not have that YSP available.

Can I enter multiple lates, eg: 1x30 and 2x60, etc?
Yes, the Loan Runner pricing engine is programmed to take combination late scenarios into consideration.

How do I enter the bankruptcy information?
Put in the number of years since the discharge. You can enter decimals.

Printing the results.
Click the checkbox on the far left and hit the printer icon at the top of the column.

Will I get a decision with only one credit score?
No. At this time, our system does not take into consideration consumer credit worthiness of the borrower, which is an underwriting exception. We base the qualification on the MIDDLE score from a tri-merge report.

What Rate do I see in the results?
Adjusted with all hits and YSP’s available and including the rates for the region the subject property is located in, loan ranges, property type, doc type, max loan amount, and more. Prepayment Penalties are NOT included in the calculation, but are annotated so you can make the adjustment, if and when needed. (As noted below, PPP criteria will be forthcoming in a near future update.)
You can sort the results columns like a spread sheet. Sometimes, the lender with the best PAR rate, is NOT the lender with the best rate with 2 YSP.

Does your search consider all hits on a multiple property type entry, eg: Owner Occupied, condo, second home, rural?
Yes. All property adjustments are made for you. The rate you see is the rate with all adjustments.

Are there different rates for different States or Regions of the various lenders?
Yes, as explained above, most lenders have different rate sheets for their different regions and States. Some lenders have a different rate sheet for every State. All adjustments for the States are included.

There are some ideas I have that might improve my ability to use your system. Can I make suggestions, and if so, to where do I send them?
YES. Feel free to send any and all suggestions, comments, complaints, etc., to mailto:chuck@loanrunner.us

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