1. Loan Modification Referral Program Presented by Cynthia Torp The Angel Investor Network, Inc. 970.372.0407 phone / 970.797.1109 fax
2. History of The Angel Investor Network, Inc.- Founded in 2004 in Fort Collins, CO.- Has helped over 250 clients avoid foreclosure/bankruptcy.- Referred over 300 clients to loan modification, short sale and credit repair.- Effective July 15th, AIN has just opened their referral system to outside referring agents.- Our agents refer between 8-10 clients/month, with an average income of $3,000/month.
3. The Loan Modification Process (The 1-2-3-4 Method)1. Find homeowners that need your help.2. Submit them (gather a few docs and submit them to us).3. Let us pre-qualify your clients for FREE.4. Collect a paycheck.
4. Loan Modification We work with a nationally recognized national law firm. They've been in business since the early 1990s and are nationally recognized as a premier real estate transactional firm serving large and small (independent homeowner) clients, the perfect fit for loan modifications and restructuring through-out the country. Here's just a bit about them: • A Rated with their local Better Business Bureau • Call you and answer any questions you may have. • Offer access to online tracking, customer service, support and a help line. • Offer links to sales agents for legal support • Offer full resources for legal advice and additional options in event modification is denied
5. Loan Modification Offer continuous access to toll free customer service to answer questions regarding submission of packets and process of submission. A little about us: We’ve been doing loan modification referral management for over five years and are backed by a law firm that has been doing them for over twenty years. We understand how this works. In order for you to be successful in loan modifications, we better be good at our job; your clients better be happy with the results, and you better know before you submit an application whether it will be accepted or not. How is that possible? We will teach you the acceptance formula. You determine whether your client fits or not. If they fit, you receive an acceptance within 24 hours, and a check typically within a week of a complete submission by your client.
6. Loan Modification We’ve even made it as simple as possible. The pre-qualification process is a single page document that you submit directly to our office via email. Once you submit the document, you will be notified of acceptance or denial. If your client is accepted, they will be immediately contacted by the attorney’s office and your job is done. You will be able to view the transaction online if you desire. However, you’re not required to anything more to receive your referral commission. Your client will pay for the loan modification service via ACH deposit. Once the payment is made, you will typically receive your commission within a week.
7. Money Back Guarantee If you’re familiar with the loan modification industry, you’ll know that there are very few companies that offer a money back guarantee. However, it’s one of the many reasons we use this law firm. If you accurately complete the pre-qualification form, and the law firm accepts the loan modification, if they are NOT able to achieve a loan modification, they will refund 100% of the fees collected. (And yes, that means that your commission will have to be refunded as well. But it is a great selling point to your client). They do the job, or they don’t get paid.
8. Cost of Services The cost of a loan modification through this program is: $2,500 for primary homes under $250,000, and $3,500 for primary homes over $250,000. Of that, you will receive $300 or $500 respectively for your one-page referral. A Tip for Refinancing: If you are not sure whether a client will be able to be refinanced due to mortgage lates, loss of job, or other factors, consider submitting the refinance and the loan modification pre-qual form at the same time. The loan modification pre-qual form is free to submit, and it may soften the blow if they are unable to refinance.
9. Who Can We Accept? We pre-qualify all files before accepting them. The qualification is easy. We accept: Credit scores under 500 (optional) No seasoning or employment history Non-traditional income (validated) Current and foreseeable late payments on mortgage of 60, 90, and 120 days Loan-to-value up to 200 percent Previous Chapter 7 or 13 bankruptcies Notice of default and foreclosures in process Properties in probate Properties currently listed for sale
10. Who Can We Accept? We accept, (continued): Self employed with no business license No green card Non-Owner Occupied up to 4 properties (depending on servicer) Our success rate is 98% of all files accepted by the attorney. Most files close within 90-120 days. An application for a Loan Modification will typically stop a property from going to sale in a foreclosure situation.
11. What’s the formula? Hard Rules: Your clients have to be late on their mortgage or expect to be late in the near future. Your clients need to have some type of hardship. Income has to be able to be documented. Soft Rules: Lenders typically like to refinance option arm and neg am mortgages. Lenders prefer to refinance clients on a fixed income, (seniors, social security recipients, etc.)
12. What does it cost to sign up? We’re charging a one-time set up fee of $295 for each referring agent who signs up. The fee covers our costs associated with your signup. Upon signing up, you’ll receive your own one-page pre-qualification form that is coded to your agent referral number. You’ll also receive marketing materials that will help explain the program to your clients. The best part of our setup fee is that it isn’t due until you have a pre-qualification form accepted. So you don’t have to come up with any money out of your pocket for our program. An even better option is to refer other agents and receive a check for $100 for each agent you refer who pays a setup fee!
13. How quickly can you start? Once you complete a referring agent packet we will immediately send you your forms. You can submit clients right away via our online form at: www.theangelinvestornetwork.com/media/Prequal_no_submit.pdf But be sure to complete the upper left hand side of the application so that we can credit you for the referral. To set up your one-on one training, please contact The Angel Investor Network, Inc. at 970.372.0407 as soon as possible. Thank you for your time.
