BROKER NEWS

Providing Tutorials on the File Submission process

Calling all agents! We're currently providing tutorials to all those interested in learning the File Submission process on the SweetSubmit platform. More...
Mon, 7 November, 2011

Looking for new Agents

Alliance Capital is looking for new agents that have experience with the Sweet Submit platform. Please send us your Sweet Submit profile and describe how you use this site's tools on a daily basis. More...
Mon, 7 November, 2011
LENDER NEWS

Paradise for Lenders & Brokers

Want to know more about the loan professionals you work with? Browse our members and see who ranks the highest. Even though this is paradise for brokers and lenders, it's still sweeter for some!More...
Mon, 7 November, 2011

New Loan Programs Available!

If you're interested in checking out our new loan programs, review our profile and submit your files to our agents today.More...
Mon, 7 November, 2011
Learn All About Sweet Submit!

THE BASICS:

The way interest factors work is like an addition and subtraction problem coupled with a game of battleship or bingo. Imagine that Credit Score, LTV, Loan Amount, etc are all vertically aligned in a big addition/subtraction problem. These are your "interest factors." This equation can be as big as you want or as little as a lender sets, but we advise the more the better, as it provides submitting brokers far more accurate rates.

Rate Builder

Ok, so now, what's that bit about "BattleShip" and "Bingo"? Well, the idea is that each interest factor you make is composed of tables that you would see in a spreadsheet. The battleship/bingo part comes into play when brokers start searching for your loan programs. So if their borrower has a Property Value of $500,000, we navigate to the corresponding interest factor's table, and plug in the Property Value and return the equivalent of B5 or A1 or whatever interest rate is in the cell that holds the addon rate for a property value of $500,000.

Graph
  • The addition/subtraction problem bit comes into play when SweetSubmit adds up each of these addon rates to produce the final interest rate a borrower receives from a given loan program.
  • $500,000 Property Value: + 0.25%
  • 2nd Home: + 1.00%
  • $65,000 Buydown: - 0.5%
  • Total: 0.75% in add-ons

If a lender wants to get more complex, SweetSubmit even offers the ability to combine 2 interest factors to make a "double interest factor." Say a loan program produces one rate for when a borrower has a Credit Score of 700 and an LTV 80% and another rate for when a borrower has a Credit Score of 660 and the same LTV.

We can use what we call a "Cross-Reference" to create a spreadsheet with an X AND Y-axis. When a broker's searching for rates, SweetSubmit will grab the number in the cell corresponding to LTV 80% and whichever Credit Score entered, and we'll add it with all the other add-ons.

  • 80% LTV x 700 Credit Score: +5.00% (2 interest Factors)
  • All Other Add-ons: +0.75%
  • Total: 5.75%
  • OR
  • 80% LTV x 660 Credit Score: +6.50% (2 interest Factors)
  • All Other Add-ons: +0.75%
  • Total: 7.25%
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