Program Overview and Operations
Purchasing a manufactured home is much like purchasing a car. A consumer visits a dealership, picks a home with the desired options, negotiates the price, and completes a credit application to arrange the financing.
"From my experience, this is a very easy way to increase your loan portfolio. Their collection effort is superior. The yield was always within our target. Their service and responsiveness were unsurpassed."~ Leland B. Rymer ~
Regional President of Appalachian Community Bank
This is where Alliance Credit comes to play. Our experience and know-how has allowed us to develop excellent trustworthy rapport with our approved dealers. Our service is untouched which helps us to obtain some of the highest quality loans in the industry that we in turn sell to the investor. We provide full and complete services for this program. Starting with the dealer selection, marketing, application processing, underwriting, to life-of-loan collections and resale.
We provide a guide to the investor 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 investor's desires. For example, the investor can determine rates, terms, loan ratio’s, conditions, as well as the geographic region preferred. This helps ensure that the investor always purchases exactly the loan they are expecting. We have the capability to obtain business in any geographic region desired. Therefore, if the investor wished to expand and purchase 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 investor's 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 investor's lending criteria before we send the application to the investor for final review, to see if it is a loan they would be interested in purchasing.
Once an investor provides us with a purchase commitment on the application, we take it from there. An approval letter is provided to the customer, and an order for documents is 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 investor the ability of the loan and the value of the borrower.
After the loan is closed, the investor purchases the loan and books it as their asset. If a loan becomes 15 days past due, we will assist the investor 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 investor from any loss.