Mortgage Makers Lending offers home loans for puchase, home equity and refinance transactions. Mortgage Makers Lending specializes in low to no down payment options and offers bank wholesale competive interest rates. License in all 50 states, Mortgage Makers Lending has been in business since 1995 and is a division of Credit Control Systems Inc.
Credit Control Systems, Inc. was incorporated in Oklahoma on May 24, 1971. The Corporation’s president, Ben R. Whitney, (who is also a Real Estate Broker) originally established this business for the purpose of: (1) legal credit collections and counseling, (2) asset investigations and asset management and (3) real estate investments and sales. This background became the foundation that led to the creation of Mortgage Makers Lending Corp. The company originally started in Tulsa, Ok in 1995 and was incorporation as a division of Credit Control Systems Corp. on December 15, 1997 at which time moved its office to Grove, OK. Mortgage Makers was licensed by the state of Oklahoma as a Mortgage Broker in December of 1997 the current broker number for Mortgage Makers Lending is MB184. The State of Texas licensed Mortgage Makers as a Mortgage Broker (license Number 44749) on June 1, 2004. The State of Missouri licensed Mortgage Makers as a Mortgage Broker (license Number 00689938) on October 1, 2005. The State of Arkansas licensed Mortgage Makers as a Mortgage Broker (license Number 30045 and 32699) on June 12, 2006.
Mortgage Makers Lending Corp. was formed as a full service mortgage brokerage firm offering conforming loans (A), non-conforming loans (B and C), and equity loan programs starting in the northeast area of the state of Oklahoma and now servicing the entire states of Oklahoma and Texas. The main thrust of this Mortgage business is to “ASSIST ALL PEOPLE” so they can purchase a house of their choice by obtaining the best mortgage loan possible for them, which is based upon their individual needs and circumstances. We do not just represent one lender or one bank – nor are we a branch office of some company out of California or New York City. We employ many methods of creative financing as we directly represent over seventy (70) lenders/investors who each have 10 to 20 different loan programs designed for all different type of borrowers and different situations and we search these lenders until we can get the loan funded.
If the applicants current circumstances do not allow for a loan of a sufficient amount then we go to work to assist the applicant get their loan application to a point where we can get them the best loan available on the market. We never decline anyone that is willing to work with us so that we can get them into a situation where they can be approved for a mortgage loan. Credit, amount of the loan, the down payment and the loan closing fees are the main concerns of this mortgage company as Mortgage Makers Lending Corp. takes loan applicants and works to:
1. Assist them and direct their actions to apply for and obtain new credit and/or to clean up their existing credit problems so that their credit scores will allow them to be approved for a home loan. We assist in Credit Clean-up that works with applicants so that they can get their credit scores to a point where we can get them approved with proper and sufficient financing.
2. Assist all applicants that do not have sufficient money for a large down payment and/or closing cost. It is our task to work with them so that we can figure out how to make their loan approval work so the purchase contract is written so that their loan approval can allow them to purchase a home. Usually our applicants need a 100% loan plus assistance with the closing costs.
Mortgage Makers Lending Corp. now covers the entire states of Oklahoma, Colorado, Texas, Arkansas and Missouri and retains eleven loan officers seven support staff. We do not just represent one lender or one bank – nor are we a branch office of some company out of California or New York City. The brokerage headquarters has been located at 1635 South Main Street, Grove, OK, since 1997.
WHY? MORTGAGE MAKERS LENDING CORP.
Questions:
(1) Why are we different than all banks.
Banks buy the nature of there charter and regulation by FLSIC only do Conforming Loans (A).
Their loans are required to meet the guidelines of the government Fannie Mae, Freddie Mac , etc. Their fees are less as their loan underwriting is all done in their office and some times the closings are also in their office. If they mess up on the conditions of the loan then they keep the loan as an in-house loan. They are required to have a down payment of 20% or if not then they are required to force the burrowed to purchaser Private Mortgage Insurance (PMI) which insures that there will be at least 20% equity in the property if the were to get it back for any reason. On a loan of $100,000 this insurance will typically be;
On a 80.1 to 85% loan (0.350) for $29.17 per month
On a 85.1 to 90% loan (0.520) for $43.33 per month
On a 90.1 to 95% loan (0.780) for $65.00 per month
On a 95.1 to 97% loan (1.050) for $87.50 per month
This amount is added to your monthly payment and this amount is NOT deductible on your tax returns.
Some Banks will let you buy out this PMI by increasing the interest rate quite a bit – an unknown amount until they tell you.
(2) Typical and most other mortgage brokers;
Most mortgage Brokers only do loans for applicants that have high credit scores and/or high dollar home purchases and do not want to work with people that have credit problems, income issues, not enough down payment or money for loan closing costs and all the other issues that bother the lenders. They usually work with a couple conforming lenders and a three or four non conforming lenders.
Most people would buy a house if they had money saved for a down payment and closing cost and had good credit. But what about all those prospective buyers that have no savings and their credit is good or their credit is troubled or the do not even have any current credit and their income is limited.
This is where we are quite different as we work to ASSIST ALL PEOPLE so they can buy a house. We clean up their credit (a separate department for this), solve debt ratio problems, get loans for the self employed that can not prove their income, send to as many lenders as necessary to get the loan funded. These are just a few of the problems we must solve along the way to closing and funding the loan. We rely on the Real Estate Professionals or For Sale By Owners to help these people find a home that they are willing to buy.
How will this help the Real Estate Broker/Associate or anyone wanting to sell a home?
That’s where MMLC goes to work to help you to sell them a house. We specialize in 100% loan approvals and arrange through the contract to help with the closing cost. Let us work with your buyers to get them approved. Yes, we take longer than banks and the rates are higher (as non conforming lenders DO NOT charge PMI) because the risk of foreclosure is greater with people that do not show they have sufficient earning power or the discipline to control their credit and spending habits and are able to maintain savings to buy a home. We have many Conforming lenders and over 70 Non-Conforming lenders all who have different ways of making financing work. This is our job to find the right lender that will finance this buyer. We start by knowing the programs of each lender and sending our applicant to be reviewed by as many as 20 lenders while we are looking for the best rate and the largest LTV (100%) once we find some lenders that feel they can do the loan and the buyers have a purchase contract and we have an appraisal on the property in place we prepare the loan to send to the lender.
This is where the works on our part really begins, as the lenders underwriters scrutinize the applicant, the property, the property title The Lender/underwriter gives us their loan conditions which sometimes can not be met or proven or will reduce the LTV therefore the loan is not working. We must re-work the loan and try to meet the conditions and if we can’t we then have to pull the loan and start all over with another lender. This takes a lot of time and the seller and sellers agent are getting upset, but there is nothing we can do but keep working to satisfy the lenders conditions. Almost always we will be able to get the loan through, however there are times when the applicants further mess up their credit or something else while we are working the loan – and then here we go to another lender or send the applicant to our Credit Cleanup Department.
But the main point to all sellers is that through our concentrated effort we will approve almost any buyer that truly is willing to do what is required to get them a home and yes you have sold a home and will be funded. We work with numerous real estate professionals that rely on us to get their buyers approved as they know we will never give up and we will get their buyers approved. LET US HELP YOU!!
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