Jason van den Brand

They are for only a second.

We utilize what's called a warehouse line of credit, very common in the mortgage industry, even Quicken Loans and large lenders like that utilize the same exact structure.

So it will sit on the balance sheet, which is basically on a very, very large credit card in a way, until the loan gets sold off to the ultimate servicer of the loan.

And the servicer is the person that consumers make payments to on a monthly basis.

It depends.

It's a pretty interesting market in itself.

We actually don't know.

That's the interesting thing.

Because it goes out to the market and it gets chopped up and sliced up and sold off in multiple directions.

Uh, and then who ultimately services the loan.

Um, it really depends.

I wouldn't say there's any biggest buyer.

Uh, we've actually had clients, uh, contact us though and say, I will work with Linda if you promise me that you will not sell our loan to Wells Fargo.

Why?

What's bad about Wells Fargo?

Well, I think that, you know, Wells Fargo is one of the biggest servicers in the United States of America and they've gotten a pretty bad rap for having bad service.

And, um,

People just don't want to work with them.

They kind of have a bad taste in their mouth from previous experience.

Yeah not at all and that's a great question look we only focus on this is not like the big short I've seen the movie I've studied finance for 20 years now it's not like the big short at all our clients are prime credit borrowers average credit profile is 736 credit scores they have equity in their homes average equity amount is 28% in the home