FAQs
NonBank banks are financial institutions that are not considered full-scale banks because they do not offer both lending and depositing services. NonBanks are specialists. They focus on the business of loans, all day and every day. Some examples of top NonBank lenders are LoanDepot, Quicken Loans and New American Funding.
Full Disclosure: NonBanks focus on and profit from one thing – loans. They build technology to make the mortgage process quicker, cheaper and less painful for you (and their staff). Join us in our quest to pull back the curtain of secrecy from the large banks – let us show you that you have a choice how you experience the lending process!
We think it does. Can you recall ever hearing about multi-billion dollar settlements for unethical business practices from NonBanks? Probably Not… If you are a person of principles, your strongest vote and voice is with your wallet, where you take your business and which companies you choose to support.
After dealing with our own frustrations, we went in search of a better solution than just blindly giving our business to banks that historically do not specialize in the mortgage business and really don’t value our business. Our passion is in proudly partnering with NonBank lenders to help you with your home mortgage needs.
Simply put, NonBanks are less regulated than regular banks, thus they have a bit more flexibility in how they work with you. According to an astonishing report from trusted research group, the Urban Institute, here are some powerful points to consider:
- Lower credit score requirements for both traditional and FHA loans
- Higher Debt-To-Income ratios accepted
- If you have been turned down by a big bank, there’s a real chance that a NonBank can get you approved!
- Faster processing speed: because they focus only on loans and require less stringent oversight, the time that is takes to close the transaction can be up to a week or more faster than regular banks.
Mortgage rates continue to be in the HISTORICALLY low range (as compared to the market over time). Political and economic uncertainty has kept investors in bonds and mortgage-backed securities, causing interest rates to remain low, in spite of several increases in the Federal Reserve Funds Rate.
With NonBank Lending Center, you can enjoy our free online service which enables you to gain access to the Nation’s top NonBank lenders and see if they can help you. Because of their specialization and flexibility, chances are good that they will have a solution for you!