Getting a MLO to Understand

[Lonnie Pickard]

I'm hoping to get a little insight and/or suggestions dealing with MLO's.

I primarily do lease options & I've been contacting numerous loan officers/brokers explaining that I'd like to send potential clients their way & that I'd like for them to run an initial credit check to see if the tenant/buyer could qualify for a mortgage within 12-24 months if they took the necessary steps to clean up their credit.  For some reason, I haven't found any that's willing, which I don't understand because they could be getting a lot of clients.  Below is the actual email that I send them.  Any suggestions would be greatly appreciated.

"My name is Lonnie and I'm an investor specializing in lease options. My partner & I are looking for a loan officer in the area to send potential clients to, in return, you let us know if we can work with them.

What we do is enter into a lease option agreement with the seller with the right to sublease the property. We then find a tenant/buyer, if it's a sandwich lease option we install the tenant/buyer, take an option consideration from the buyer and down the road when  we settle the property we either assign our agreement with the seller to the tenant/buyer or we do a double close.

If we are going to wholesale the lease option from the start we enter into a lease option agreement with the seller and then assign that agreement to the tenant/buyer and collect an assignment fee.

What we would like for you to do is run an initial credit check on the tenant/buyer to see if they would qualify for a mortgage within a 12 to 24 month period if they acted to correct the issues on their credit. You can then work out an agreement with the tenant/buyer as to them being your client.

If this would be of interest to you, don't hesitate to contact me."