Net Life is not ready for the Big Leagues.
doc4261, Good article, however to think Net Life Financial is ready to take on the governments loans would be optimistic at best.
Fannie and Freddie, FHA loans are government insured and carry interest rates on a 5/1 Jumbo @3.10% to 30 fixed @ 4.30% currently.
Net Life Financial on the other hand has not even shown the ability to finish their online application process, as well as still moving customers through their mess without funding yet, these people applied 5-6 months ago.
Net Life's Mortgage Rate is at 8.00% for 30 years.
Also a Life Insurance Police which has yet to be fully vetted in this CMO. It's never been used in a standard mortgage obligation, so most Fannie/ Freddie. FHA customers may not want to entertain a NEW-BE to the mortgage game @ double the rate.
IMO Net LIfe will have to pave their own path with unbelievable Customer Service, FULL Transparency, of this product with a timeline of events. example:
eApp--1week/ underwriting-2days/ conditions met-2 weeks/loan docs 1day/ Funding 1 week/ Loan Servicing. payments made to FFFC.
