We provide a guide to the lender outlining the program’s underwriting which has been a proven recipe for success. However, the entire program can be 100% completely custom fitted to meet the lenders desires. For example, the lender can determine rates, terms, loan ratio’s, conditions, as well as the geographic region preferred. This helps ensure that the lender always receives exactly the loan they are expecting. We have the capability to obtain business in any geographic region desired. Therefore, if the lender wished to expand and accept loans from other geographic regions, we will do so while maintaining a standard of the highest quality service that is expected.
All the time and effort into this program is accomplished by the experienced and professional staff of Alliance Credit. There virtually is no need for added staff on the lenders behalf.
How can this be, you ask?
Upon receipt of the application, our staff will verify everything that the dealer provides. As the application is submitted, a credit bureau report is pulled for the potential customer. We screen and review all applications to make sure that they meet the approved lenders lending criteria before we send the application to the lender for final review.
Once a lender provides us with an approval on the application, we take it from there. A commitment letter and an order for documents are provided to the dealer. These forms identify the specific loan conditions, restate the figures requested, and in general confirm the acceptance of the loan. From collecting conditions to setting up the closing, Alliance Credit tracks all aspects of the loan while it travels through our loan pipeline. Throughout the entire process, we safeguard against fraud as we verify all the information provided. We want to ensure to the lender the ability of the loan and the value of the borrower.
After the loan is closed, the lender books the loan as their asset. If a loan becomes 15 days past due, we will assist the lender in collecting the monies due by working with the borrower. The same is true for any loan that fails to maintain the required homeowners insurance. If the borrower never brings the account current, then it will be necessary to reposes the home. Alliance Credit will handle the entire process of repossessing and reselling the home. We establish a first loss reserve account using a portion of our up-front paid fee to help protect the lender from any loss.
