Freddie Conventional vs SBL Underwriting
Which program would you prefer to have exposure to on the underwriting side and why? It seems like SBL is more straightforward whereas the conventional properties have more of a range on loan type (rehab, value-add, student, etc).
Either is fine, probably would base it on what you want to do next. On the conventional side you'll see a lot of institutional borrowers and standard stabilized properties, you can get some exposure to the products you mentioned but depends on your group and they're not doing that much of that right now. For the SBL side you can see some real weird stuff there because of the big cities they tend to be in and you'll get a lot of reps with the number of deals.
Thanks for the insight. Do you think it would be beneficial to even work in both, if given the opportunity? Say work in an SBL group for a year or so, then move to the conventional group? Can you expand on what you mean by what I would be looking to do next? How do the two differ from potential career paths? Thanks again.
Conventional by a mile. SBL underwriting is heinous, definitely the B-team and even more rigid than conventional. Also, SBL does not do MHC, student, seniors, etc. You’ll get way more exposure in conventional.
I've done some Fannie small loans for MHC's but yeah I guess Freddie SBL doesn't? Thanks for the input! I think the exposure is probably better on the conventional side as well.
Yeah Fannie Small Loans does MHC. Basically all they are winning these days.
Very true lol
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