Practitioner notes on credit operations, diligence, monitoring, and what actually happens to a loan after it's made.
TPR is the independent loan-file check between seller and buyer, and the market treats it as a safety net. What the firms actually check, how grading and exceptions work, what it costs, and why a review you don't validate is just another input that can miss.
Read the post →A DSCR loan underwrites the property's income instead of the borrower's, which makes it fast to originate and deceptively easy to get wrong. What the ratio measures, where the rent number breaks, and why two loans at the same DSCR aren't the same risk.
Read the post →The tape is a seller's summary of a pool, not the ground truth of it. A practitioner's checklist for the fields that quietly lie, how to reconcile the tape against the documents underneath it, and the catches that separate a clean pool from a landmine.
Read the post →A market that moves trillions a year runs its day-to-day on spreadsheets, email, and disconnected vendors. Why fragmented operations are the quiet tax on whole-loan trading — and what fixes the root cause.
Read the post →By the time a payment is missed, the default has almost always already happened — the only question is whether anyone in the chain of custody saw it coming. A practitioner's walk through the 30-60-90 timeline, the misconceptions, two real catches from the field, and what separates a strong recovery from a weak one.
Read the post →Send us the next pool you're diligencing and we'll return full loan-level diligence in 48 hours, free.
Run a tape, free