The Top 10 Reasons
to do your loan with LoanLynx
1 | Aggressively Competitive Rates & Fees
Big Banks carry significant amounts of overhead in buildings, utilities, infrastructure, onsite IT, and numerous branch locations staffed with deep rosters of personnel. To compensate for this, as well as the rising costs of compliance requirements, burdensome industry regulations, risk management insurance premiums, and exposure to default mortgage servicing, lenders pass massive operational expenditures and exposure on to borrowers in the form of higher interest rates and origination fees. These increasing costs create substandard margins for retail lenders, compelling them to overcharge to achieve profitability; whereas LOANLYNX, a high-volume wholesale broker, offers the majority of its loans with no out-of-pocket expenses, such as with our no-cost product line LYNXZero™. Our compensation is predictable and predetermined with lenders, so no matter which loan product or interest rate you select, our earnings remain the same. Any incentive to steer clients towards higher rates or risky loan products is effectively eliminated; while clients often receive credit premium rebates to help cover closing cots. Our efficiently leveraged cloud-based technology platform, flexible light weight infrastructure, and lean lending model, allow us to compete on pricing ahead of large institutions, ensuring customers receive the best rates and fees available in the marketplace.
2 | Licensing & KnowledgeBase
Compared to bankers, brokers must abide by much stricter laws and licensing requirements. The SAFE Act outlines Broker compliance precepts including mandatory registration with the Nationwide Mortgage Licensing System Registry (NMLSR). These new licensing requirements include: 20 hours of education, FBI fingerprint scans, submission of personal credit reports, validation of moral character & financial fitness, and satisfactory scores on both Federal and State Licensing Exams. Once licensed, brokers must annually complete 8 hours of continuing education to maintain approval status. Not all Bankers are required to meet the above guidelines; and many operate under company licenses free of individual scrutiny. Loan originators operating within retail depository banks typically enjoy licensure exemptions, resulting in originators with substandard skill sets. Moreover, because Brokers are entrepreneurs operating they’re own small business, they are typically intimately familiar with the inter-workings of product guidelines and end-to-end industry operations, often times proving more educated, experienced, and qualified. Those brokers remaining despite rigorous industry overhaul since 2010, have exhibited best-of-breed practices by adapting to shocking industry climate change, while most unprincipled brokers have exited the real estate finance space. While most brokerages won’t hire originators without years of experience and a proven track record, banks seem inclined to hire novices, as the licensing exemptions accommodate for lower hiring costs and more lenient regulatory oversight.
3 | Transparency & Full Disclosure
As a proud member of the UpFront Mortgage Broker’s Association (UFMB), LOANLYNX subscribes to a strict code of moral and fiscal ethics. Our transparency starts at inception, from the time you take an application and price & lock your loan all the way through closing. As brokers, we are required to issue all mortgage loan applicants an Anti-Steering Disclosure, certifying that we’ve presented at least 3 loan options for which the borrower likely qualifies. These options must include: Option 1 – Loan with the Lowest Interest Rate; Option 2 – Loan with the Lowest Total Dollar Amount for origination points/fees and discount points; Option 3 – Loan with the Lowest Interest Rate without Risky Features (i.e. prepayment penalties, negative amortization, interest only/balloon payments, etc.) Our transparency is further magnified when disclosing closing costs to borrowers, including any compensation received directly from our lenders. We’re obligated to disclose transactional earnings, taking our fees into consideration when calculating thresholds for the Qualified Mortgage Rules Fee Cap as well as any State/Federal High-Cost Mortgage Tests. As of Jan 10th 2014, there exists a 3% cap on the amount of allowable fees charged on loan amounts equal to or greater than $100k. Brokers are also prohibited from collecting compensation from both borrower and lender in the same transaction. While brokers must select and disclose the compensating party and amount of anticipated earnings, bankers bypass certain compensation disclosure requirements, and in some ways circumvent the new Qualified Mortgage Rules Fee Cap. regulated under the new Federal laws.
4 | Lender Syndicate & Robust Product Lines
LOANLYNX provides endless loan options for our customers including 97% Conventional FNMA/FHMLC purchase loans, Jumbo & Super Jumbo, Alt-LYNX™ Portfolio Series (Non-QM), a full suite of FHA products (203b, 203k, Streamline-Refinance), HARP2.0, USDA Guaranteed Rural Housing, 100% VA & VA IRRRL, Non-Warrantable Condos, FNMA HomeStyle® Renovation Loans, Foreign National programs and more! From the most cookie-cutter plain-vanilla conventional to the most challenging rocky-road manual underwrite with exception requests, we’ve got you covered! As a high-volume wholesale broker, our diverse catalog of portfolio lenders, afford us effortless free-range selection for identifying the best products, rates, and terms on your behalf. On the other hand, banks are limited to the out-of-the-box in-house product lines they support, and lack the flexibility and latitude necessary for securing creative finance solutions required for the more challenging of loan scenarios. LOANLYNX will link you with a wholesale lender that offers the best rates and costs according to your unique criteria and tailor the loan to meet your specific needs. Using a bank is like shopping at one high-end brick-and-mortar department store with a high-interest rate credit card, whereas dealing with LOANLYNX is like shopping at online designer outlet malls using a pre-paid club card with points, offering more variety at wholesale pricing with better deals than retail counterparts.
5 | Professionalism & Customer Service
A smaller boutique company means more customer-centric support. We pride ourselves on providing the highest-level concierge service to our clients. Because bankers work in large-scale institutional organizations, your loan ends up as just another number and the actual story of why you’re seeking financing is blurred. Our bespoke firm’s core focus is assisting consumers secure financing on primary, secondary, or investment properties within their desired time frames. LOANLYNX‘s culture is concerned more with building personalized customer relationships and stronger communities rather than satisfying shareholder and board member expectations with quarterly P&Ls and price to earnings ratios. Our hours don’t end when the 9am-5pm bank closes, therefore we can assist you anytime, 24/7/365, around the clock! As an independent technology-based mortgage company, we are always available to answer your questions and take your calls, whenever is most convenient for you, not the other way around. As most have experienced, when dealing with larger banks after hours you either end up phone tagging with answering machines, struggling with annoying automated prompt menus, or facing communication barriers when outsourced overseas. This is why we offer so many different ways for you to get your questions answered. Whether it’s through submitting a support ticket to our help desk, initiating a live chat, booking an appointment with your dedicated loan tailor right from their personal calendar, or by visiting our knowledge base filled with consistent correct answers, it’s all accessible at your fingertips, even from your mobile device!
6 | Speed, Agility & Performance
There’s no doubt we live in a high-speed world filled with uber-like gratification, with expectations of receiving goods and services on-demand immediately, if not sooner. We understand that once you have your heart and mind set on a home or your business is in need of a rapid cash infusion, it’s mission critical you have a reliable service provider at your side accommodating your inclination towards expedited execution. LOANLYNX has implemented dynamic multi-layered technology solutions allowing us to move your file from end-to-end with the speed of a Lynx! Truthfully our long-term sustainability as a company depends on our ability to serve you rapidly & effectively, on your schedule. Our lending partners keep score cards on how efficiently we execute key performance indicator (KPI) metrics, such as application to closing ratio, percentage of long-term & short-term performing loans, number of adverse action credit declinations issued, the speed at which our clients close, and much more. That’s why we’ve developed LYNXTeck™, a proprietary technology platform allowing you to self-serve by quickly pricing your loans, receiving a decision, ordering your appraisal, locking your rate, and scheduling your closing, from any device, with real-time updates a long the way. Through the combination of comprehensive customer information, flexible product offerings, best-in-class service catering, sophistication and scale, our integrated lending solutions get you to the table quicker and cheaper. Our company brand and slogan says it all!
7 | Cloud Driven Technology
LOANLYNX believes in democratizing access to capital for home owners, investors and business. We’ve adopted disruptive & innovative lending technologies in order to maximize and enhance user engagement and customer experience. We built LOANLYNX on a cloud-based Software as a Service (SaaS) platform in order to enhance our customer’s journey by simplifying the complexities of today’s overburdened regulatory environment, freeing our time to concentrate on what really matters most to our clients, their loans! Whether it’s the RateLYNX™ on-demand automated mortgage loan and PMI pricing eligibility product selection engine; the LYNXDox™ private client portal for encrypted document storage, dynamic collaboration & secure electronic file sharing; simplified digital disclosure execution & expedited closing coordination through LYNXInx™ eSignatures, or transparent end-to-end loan tracking with real-time status updates and condition clearing alerts through LYNXNav™, we have only our customer’s user experience and end goals in mind. Getting a loan shouldn’t be overwhelming or intimidating. Experience what it feels like to get ‘Money at the speed of sight’.
8 | Digital Transaction Management
LYNXDox™ is our unique document management platform created to easily and securely capture private financial client files, collaborate with processors & underwriters, as well as manage & deliver documents to customers, vendors and partners – all within one intelligent eco-system! Your documents are important and often contain highly sensitive personal information. To keep them secure and private we use SSL encryption during file transit. For document storage, we utilize secure server infrastructure hosted at a state-of-the-art Tier III, SSAE-16 certified data center with ISO 27001 certification. For added security we also provide the optionality of securing your documents with a unique access pin requiring two-factor authentication through either voice or SMS text verfication. Lastly we utilize LYNXInx™, our state-of-the-art trusted eSignature execution solution which is simple, secure, and legally binding worldwide. This application gives you the ability to indicate consent or approval on compliance guaranteed digital documents through electronic signature using a certificate-based digital ID which is both HIPAA and PCI v3.0 compliant; together with multi-tiered audit trails and certifications for security, tracking, and control, significantly accelerates contract processing while removing the manual hassles associated with paper disclosures. Adopting and integrating these features has allowed us to remain effectively paperless and cost efficient, maximizing user engagement, while providing an enjoyable user experience and passing the cost-savings on to the end consumer through ultra-low rates and low-cost loans.
9 | Mobile Optimized Interface
LYNXMobi™ is a ubiquitous lending experience built with the consumer in mind. We know you’re busy out in the new world economy so our firm has placed great focus on creating mobile and tablet friendly websites in addition to native apps to accommodate how you elect to access data. LYNXNav™ is our response to a necessity for simplicity and transparency in the mortgage industry and it provides a complete 360 degree view of the loan origination process. When you’re ready to apply for a loan, our automated point-of-sale loan application, LYNXNav™, puts a mobile-ready app in your hands on your touch-screen interface. After application submission, the lender receives direct notification and LYNXNav™ instantly becomes your total loan information hub for your personal file, displaying your loan’s status and conditions required to close. Our on-demand product solutions assist at every angle of the mortgage channel, which not only streamlines your application process but also puts you in total control with constant monitoring, clarity and oversight. At any time you can contact our help desk, send your loan tailor a direct message or ask them a question; you can even book an appointment anytime by viewing their calendar. We want you, our client, to have access to your personal information instantly and securely on the device of your choosing, while enjoying an intelligent and beautifully designed User Interface (UI) to accomplish your goals.
10 | Bank-Grade Security & Compliance
LOANLYNX employs best practices to ensure the highest levels of service and a relentless commitment to providing the utmost care and integrity for our customer data. Our users expect their private financial information to be protected and their applications to be available 24/7/365. The LYNXTeck™ infrastructure supporting LOANLYNX consists of loan processing software, including hosting and networking, security, scalability, business continuity, change management and monitoring/call center support. We ensure maximum security of customer data with redundant firewalls that are managed and monitored around-the-clock by our service partners. To provide a further layer of security, a load-balanced IDS analyzes all traffic for attack signatures & other anomalies, alerting support personnel upon discovery of suspicious activity for immediate follow up. Signatures identify patterns of events specific to known attacks. Because attack methods are constantly evolving, signatures are regularly updated on the IDS modules to enable detection and prevention of newly identified security threats. Our loan origination software performs real-time compliance tests, immediately notifying our team if ever a mortgage enters into a non-qualified red zone. Our robust compliance tools ensure loan origination is delivered to our customers with the highest integrity. Our private client eco-system housed in the cloud, allows you to confidently and securely upload all pertinent financial documents necessary to stack your loan file. We are serious about protecting your reputation and ours. This portal is SSAE 16 SOC II compliant and utilizes 256-bit bank grade data encryption on servers hosted in redundant facilities with automated back up and 99.9% network uptime guarantee. This means reliable real-time delivery of your time-sensitive, personal information for rapid processing and blazing fast underwriting turn-times.