Scratch And Dent Loans
Scratch and Dent Loan Buyers
At Anikim Credit Corp., we pride ourselves on providing simplified lending solutions and unparalleled customer service. We partner with companies that specialize in Capital Markets, Our partners focus particularly on acquiring FHA/VA/USDA loans for securitization purposes with the assistance of our highly regarded partner companies.
But unlike other companies that only looking to purchase scratch and dent loans, we maintain a respectable “market price” for the loans we acquire. In fact, our partners are looking for top quality credit overlay fall out loans, and as long as they are of good quality you will receive market price.
scratch and dent loan purchasers
Apart from purchasing FHA insured credit overlay fallout loans, our partners are also willing to provide Warehouse programs that act as financial relief, giving you a chance to achieve your pipeline–a highly likely eventuality considering that the Correspondent flow channel, of, FHA 203K and 203K streamline loans we use continues to be highly successful.
While our partners are not a bank, a broker’s service, or a lending firm, our knowledge of the relationships in the secondary market have made us a premier service provider in the Capital Markets industry. If you wish to work with us, please contact our internal credit and policy departments to determine if you are DU Approved/Eligible.
Here is some additional information you should know about the Capital Markets industry in general, in particular:
1. We purchase loans based on a whole loan servicing released basis with absolutely NO recourse when it comes to credit overlay fall out loans and warehouse relief loans. However, with FHA 203K, and 203K Streamline correspondent loans, our standard rules apply.
- 203K and 203K Streamline Correspondent channel are the most desired loans, as we are able to pay for them quickly and easily. In fact, they are the best kinds of loan you can ever get; the investor’s overlays defies anything so long as the basic requirements are met to the letter.
- States we buy from in the United States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin,and Wyoming.
- The Minimum risk score insured by FHA, VA, or USDA is 620.
- When considering Warehouse Relief, form scratch and dent loans it is imperative to ensure that your pipeline is funded and that you maintain liquidity. Preferred investors waste no time when it comes to stabilizing their economic situation.
Although the process may seem complicated, we are happy to assist you sell your loans, making the process as clear as it can be. Here are some simple steps to follow if you are interested in selling a loan:
Step 1: As price is always a determining factor in selling loans, make sure to submit yours at a competitive price.
Step 2: Make use of our secure server to upload your information so that we can examine it. Do not forget to upload the FNMA 3.2 file, as well.
Step 3: Collateral will be sent to our Custodian under bailee by the Custodian, which in most cases turns out to be your warehouse bank.
Step 4: Within 24 hours, a wire will be sent to your Custodian for a deposit to your DDA account, following the rules in place between your firm and the firm’s Custodian.
Sometimes, when there are no overlays to step on the initial offering price, people think the process requires due diligence. However, we think of our method as a Validation because we simply validate all the information we receive, making sure it is in full compliance with all necessary rules and regulations. Afterwards, if the loan has been quoted, we never step on the initial price; if a file is in Validation, we will not “kick” it. Instead, we will document the file and purchase it.
Our company is an advisory and investment company with established business relationships which allow us to assist their clients in the sale of closed residential loans. Focusing primarily on USDA, VA and FHA loans we assist our clients in securing market price for good quality loans that may suffer from lender imposed overlays that result in unanticipated fallout. Our partners are not like other companies who promise to give market price but are only looking for everything “scratch and dent” By basing our decisions on market movement and conditions, we have become a leading source for lending solutions. Don’t be afraid to partner with us, to grow your business. We guarantee you will be satisfied with us! If you are looking for someone to take a look at your scratch and dent files and see what type of pricing we offer, contact us today.