2014-01-08 06:12:11 - After 12 years strictly as a mortgage broker Malibu Funding Inc. decided it was time to broaden the scope of how Malibu Funding could help their clients
Malibu funding inc is now a Direct lender!
This California based business which has offices in 5 states and licensing in an additional 5 states has moved from a mortgage broker only to a hybrid of both a lender and a broker.
A broker can only bring borrowers and lenders together while a lender can lend their own money.
Lender advantages for the consumer are significant. Costs for the loan can be less. Rates for the loan can be less. Closing on the loan can be quicker.
Most lenders have investors who purchase these loans once the loan has been recorded. It is these investors who dictate how flexible the acceptability of each loan is. Malibu Funding Inc. has 3 investors who actually
underwrite their loans,
which means there is a guarantee of purchase by the investor. This is a great advantage for Malibu Funding Inc. clients because there is no worry that after the loan is approved by Malibu Funding Inc. there is no secondary approval process by the investors before funding. In purchase loans it is all in the speed by which the lender can close the loan because of the contractual deadlines in the purchase contracts.
There are advantages for the consumers in Malibu Funding Inc. also being able to continue brokering loans. Most brokers have many options for lenders to broker the loan to. Malibu Funding Inc. has over 40 different lenders to send the loan to with over 150 loan products to choose from. There is considerable overlap in programs but the rates do vary and the niche programs which are available can fill the need which one lender with only 4 or 5 products cannot.
Malibu Funding Inc. does purchase loans, refinance loans and cash out refinance loans. Malibu Funding Inc has been in business sense 2002.