Good, bad, indifferent? I want your take on Lightstream.
4 replies (most recent on top)
Ironically their special operating sauce….was humans in underwriting.
A lot of good people and some good tech…sad to see we wasted it .
I love it. Have used it three times for car loans and could not be easier. Unsecured, same day funding, no paper, no hassles, no humans.
In north Florida coast retail, our AL and RL chew us out if we use it. They’ll say you don’t have enough apps, because they are only counting sprint apps. They’ll say sorry but I can’t see what your bankers and yourself are doing in lightstream because it’s not in sprint. So they then increase the 2 minimum apps per week, to two sprint apps minimum per week regardless if you have 5 sitting in lightstream, they’ll claim they can’t see them but say they’ll trust you on your reporting for lightstream for this week. Reports are either not that great for them or they know what they are doing and just trying to squeeze for more. I think it’s the latter because they are Suntrust.
Ive heard it’s a cash cow and very profitable. Not sure if that’s true or not though.