Create Your Own Lending Plan
The great thing about these various lending options is the staffing company has the choice to seek out individual lenders for each of these issues or they can choose a lending institution that offers all the services under one umbrella on an as needed basis. Which option you choose will largely depend on your needs, the competitive nature of a lenders fees and interest and the comfort level you have with the lending institutions you are considering working with.
Lending Practices due to Mortgage Issues
Lastly, as it relates to the type of lender's staffing company should use, the decision on which lender you should use may be largely influenced by the recent actions that the government has taken.
Banks have experienced extraordinarily high levels of mortgage defaults. When the housing market bubble burst, people were unable to afford their homes and simply walked away from them. This left banks with underperforming mortgages sitting on their balance sheets without a necessary return on investment. Not only did this cut into the ability for banks to lend money for people looking for a mortgage, but it has forced banks to tighten the lending belt for business loans and virtually other loan as well.