Thom Hayes

Littleton, CO (USA)
Role(s):
Founder/Owner/Principal

LoanCheck, Inc

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Location: Littleton
Industry: Internet
Year Founded: 2006
Number Employees: 1-10 people
Business Stage: Growth (not profitable)
Entity Type: "S" Corporation
Description: INTRODUCTION LoanCheck addresses a serious flaw in today’s real estate market! Written loan pre-approvals cannot be trusted. Reported in 2012, fully ONE-THIRD of so-called pre-approved loans failed to finance, three times as many failures as the year before!* Who is harmed the most by loan abuse? Buyers – and also Sellers! LoanCheck is revolutionary new service bringing critical data and insight to Buyers, Sellers, Realtors® and Lenders. Just as a CarFax® helps in the uncertainty buying a used car, a LoanCheck® report will help in the uncertainty of a Buyer’s choice of Lender, but more importantly a Seller’s choice in accepting that Buyer’s “Pre-Approved” financing letter. This, if analyzed just after an “accepted” Offer-To-Purchase, could save everyone involved great amounts of time, money and value. Today PreApprovals are only criticized after they fail. LoanCheck offers in-depth analysis of the residential mortgage lending process exclusively to REALTORS® and their clients, providing the expert analysis that the Realtors themselves would provide if they were also experienced mortgage loan originators. Tools soon available through the website ((URL removed) and later (URL removed) ) will include the various LoanCheck Reports; capable of providing in-depth analysis for the financing side of all purchase transactions. The Buyer’s LoanCheck™ with Certificate will present the Buyer’s “financing required” offer in its best possible light. The Seller’s LoanCheck™ provides Sellers a reasonable inspection of any Buyer’s mortgage pre-approval letter. The Lender’s ProReport™ informs anyone of the many differences between mortgage loan originators. LoanCheck was developed with the input of veterans in real estate, mortgage ending and property law, averaging 20+ years’ experience. We know the right questions to ask to deliver the most meaningful answers. The premiere service - the Seller’s LoanCheck™ is a detailed “snap-shot” analysis of the financing behind the “Pre-Approval Letter.” LoanCheck looks at the confidence factors that make up the relationship between the Buyer, Loan Originator and Lender. The pre-approved mortgage letter has become an oxymoronic term in real estate today, known to all real estate professionals as having a very wide range in validity. Through the use of proprietary algorithms, and a fair disclosure by all parties, LoanCheck will provide the greater knowledge, confidence and success that will close more financed transactions than ever before. MANAGEMENT TEAM Founded by Thom Hayes with development assistance by Oliver Frascona, Esq. Mr. Hayes has over 19 years of experience in the real estate as both a Realtor® and Home Mortgage Consultant. Working with Chase, Wells Fargo & Cherry Creek Mortgage. Mr. Frascona is a shareholder in the law firm of Frascona, Joiner, Goodman and Greenstein, P.C., 1974 - Present. Clients include first and second mortgage lenders, hundreds of real estate brokers and salespersons, real estate companies, developers, property management companies, builders, suppliers, buyers and sellers, and he represents twenty Colorado Boards of REALTORS®. INVESTMENT OVERVIEW Founder’s capital has developed; Alpha level website, proto-type service reports, market / feasibility studies, federal trademark registration, intellectual properties (processes & algorithms) all fully documented. There will be four revenue streams: 1) Registration and verification fees paid by lenders 2) Registration for all Realtors® is Free. There is an optional fee to be recognized as the LoanCheck Advocate™ for targeted neighborhoods of their choosing. 3) Individual Buyer / Seller LoanCheck Reports™ fees. 4) Meta-data reporting fees from potential purchasers such as: Govt. regulators, Title Co. & Secondary mortgage market. Conservative estimates can be shown that well surpass 100 million dollars in revenues from this trillion dollar real estate market.