Net Life Financial, Who's Glen Newhold?
Hello rvgd, you must be a representive of Net Life, please be transparent with your answers to my questions below.
I'm on this board like all others here, we have invested in FFFC and Net Life's concept. Unlike some of my friends here I was Corporate Officer with some of the largest mortgage lenders for 24 years.
Net Life is now taking LCMO applications online? How is that possible?
What is a LCMO application look like? Is it a FannieMae form 1003.
Proof of Income: The Dodd-Frank Statute states all banks and mortgage co's must verify a borrowers "Ability to Pay" the mortgage. Net Life Fin must have Policies& Procedures that outline the qualifying (DTI) debt to income ratios for the mortgage programs right? What is the DTI Caps? 40%, 45%, 50%.
Rate & Income: Fixed or Adjustable? In order to show a persons ability to pay, you Net Life need to Disclose the Rate & Terms of your mortgage program.
Net Life: What is your LCMO's Interest Rate & Terms?
The property maintains/ sustains its stated Value.
Does Net Life have a list of (HVCC) Home Valuation Code of Conduct appraisal companies? Or is the Broker borrower able to choose one on there own?
Net Life Financial: Since this is a collateral based obligation, what is the Loan to Value (LTV) cap/max? 80%,90%?
Life Insurance qualification: When is it required, upfront at application? What is the policy coverage type & policy coverage amount required?
Who is on your Board of Directors?
Who is licensed under the NMLS,(MLO) Mortgage Loan Originator for Net Life Financial, someone must be licensed their to take in loan applications?
On your National roll-out day, why can't I talk to a LIVE person at your Delaware location.
All this information should already be available and transparent to all investors and customer of FFFC and Net Life Financial on your web page, blog, facebook.
Thanks for your understanding and quick reply to these questions Net Life Financial.
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