LenderVault

Frequently Asked Questions

Click on a question below to expand the answer.

How does LenderVault work?
  1. Start by either Subscribing Now to a 30 day recurring $40 membership, or Create a Guest Account for FREE (full results, veiled lender view).
  2. Simply log in and input your client's information.
  3. Next click Search or choose Advanced Search criteria that may apply to your clients's situation. Doing an Advanced Search will further eliminate lenders that are not options for your chosen criteria. You can choose to add an unlimited number of Advanced Search options from the LenderVault list for every deal.
  4. The lenders that will consider your mortgage application for this client will now appear. The results can be sorted by clicking the top of the column, and all columns will display the lowest acceptable criteria for that product line and lender. Notes may appear on the left of the results and can be viewed by clickiing the information icon.
  5. Always check with the lender's business development officer for any exceptions and to confirm all details prior to submitting.
  6. If there are no lenders that appear as a result of your search, click the back button and change the parameters to open up more options. This expanded information will also assist you in advising your client of the actions they may need to take in order to help them better qualify.
Who can benefit from LenderVault?

Mortgage Agents

  1. All mortgage specialists  who are working with clients in need of a mortgage, both simple and complex. LenderVault will  decipher the ever changing rules and guidelines of the banks and lenders, saving  time and insuring accuracy.
  2. Mortgage specialists who need to occasionally use a different lender even though they are not familiar with their current products and guidelines.
  3. Mortgage professionals working with a client  who has previously been declined by their own bank or by a mortgage agent who does not have access to the LenderVault mortgage system.

Mortgage Broker / Owners

  1. Mortgage broker/owners who can benefit from a tool that will decipher deal placement options for themselves, their agents, and their assistants. Insure that your office does not decline a client when in fact mortgage options exist.
  2. Mortgage brokers/owners who want to attract more agents and need to save time on information management and research.
  3. Mortgage brokers/owners who need to increase funding ratios by submitting qualified deals.

 

How current is the LenderVault information?

 Lender guidelines are updated continuously and we commit to updating published revisions by the end of the business day. The LenderVault search engine tool will help you save time and focus on growing your business. All information is for preliminary research and is not to be solely relied upon for final decisions in either approving, nor declining mortgage applications.

Updates come to us from the lenders directly, BDOs, lender packages and lender websites. We sort throught all of the published information and obtain clarification when sorting of this information. We are proactive in contacting the lenders on an regular basis in order to have the most current information, often before it is ever released to the mortgage community.  Underwriter guidelines may differ from BDO and Lender website guidelines. Our members also help to keep us well informed so we welcome your feedback. Please email us: info@lendervault.ca to reach our information department. 

What banks and Lenders are included in the LenderVault list?

Please click here to see the Lender List.

We value your feedback, so let us know if there are other banks or lenders that you would like us to include.

How much does it cost?

Please visit our register page to receive a membership.

Memberships are for singular, personal, non-commercial use only.

Please read our Legal Terms of Use agreement.

What is the down payment hierarchy?

Down payment hierarchy is the order in which LenderVault displays the acceptable down payment source. The lowest acceptable source will be displayed, not the source that you have inputted for your client.

For example, if you input Own Resources as your down payment source but the lender will accept a lower source (all other sources are lower than Own Resources), the column will display the lowest form acceptable for that product line. In this case if Cash Back is acceptable for instance, it will show up as the down payment source because it is lower than Own Resources. Own Resources is of course still acceptable. This will let you know that your client may actually purchase and take advantage of the Cash Back option if  need be, or any of the options higher than Cash Back.  If Gifted is in fact the lowest form available for this search, then Gifted will show up in the  down payment column, because it is the lowest down payment acceptable.

Let's look at another example using an input of the lowest form of down payment, source, Cash Back. LenderVault will search for and display only products offering Cash Back as the acceptable down payment since it is the lowest in the hierarchy.

Following is the hierarchy of down payments, and the search will display only the lowest acceptable down payment source depending on the input:

Own Resources will search for: Own Resources, Partial Gift, Gifted, Borrowed, $0 Down, Cash Back.

Partial Gift will search for: Partial Gift, Gifted, Borrowed, $0 Down, Cash Back.

Gifted will search for: Gifted, Borrowed, $0 Down, Cash Back.

Borrowed will search for: Borrowed, $0 Down, Cash Back.

$0 Down will search for: $0 Down, Cash Back.

Cash Back will search for: Cash Back.

Please be sure to read all of the columns in the product line as well as any notes that may appear.  Check the lender's website or contact the BDO to confirm that your client meets all of their requirements. Please note that our information may be more current than the lender websites.

What happens if I have problems with my search credits?

Search credits are debited one per search, whether or not there is a resulting bank or lender. You will often use more than one search credit per deal when you choose to alter the clients' criteria in order to help find a lender that fits their situation. If you have been debited credits due to errors, technical difficulties, or inefficiencies in your credit account, please email us at: contact@lendervault.ca.

All member accounts are for singular, personal, non commercial use only and are not allowed to be shared with anyone.

Please see our Legal Terms of Use section.

How do I manage my membership?

To change profile details, please visit your username icon located on the bottom left hand corner of your screen once you have logged in.  For further inquires, please contact us at info@lendervault.ca

 
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