A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from May 23, 2010
Pulse Loan

A “pulse loan” is a loan given to anyone with a pulse. It’s sometimes said that banks so dearly wanted to make mortgages (and collect mortgage fees) that the banks would give a loan to anyone in the 1990s or early 2000s—before the housing crash of 2007 changed matters.

“Pulse loan” is cited in print from at least 1991. A similar term is “heartbeat loan” (given to anyone with a heartbeat).


7 February 1991, Los Angeles (CA) Times, “Cheaper Loans Fail to Revive Home Sales” by Jube Shiver Jr., pt. D, pg. 1:
“The lending industry called them ‘easy-qualifier’ loans, but we called them ‘pulse’ loans because all you needed was a pulse to get one,” quipped Earl…

Google Groups: misc.invest.real-estate
Newsgroups: misc.invest.real-estate
From: “Canzie”
Date: Fri, 19 Sep 2003 02:03:48 GMT
Local: Thurs, Sep 18 2003 9:03 pm
Subject: Re: Hard money lender fees?

We have an in house product I call the Pulse Loan.  Commercial only, 65% LTV, 1 year balloon, 15% Interest Only, 8 points.  No application, no credit check, no asset check, no employment check, just an appraisal and title.  If you have a pulse, you get the loan.  That is hard money.

Michael Papp
iNet Commercial Lending/ Carteret Mortgage
http://www.iNet-Lender.com
MSN Messenger ID - iNet-Lending

Broker Universe
What would be the most common-sense loan you could think of, that simply does not exist?

I always wanted to have the “Pulse” loan, as in, if the borrower had a pulse, they got the loan. What I would do if I had the funds to do it is have a single product, called the “Pulse” loan
(...)
by AAARRRGGG!!! March 10, 2004 12:00 AM

Gone Astray: Russell Johnson
Get That Vacation Home You’ve Always Wanted: Real Cheap!
Posted on October 19, 2006
Life got you down: wife left you, dog hates you, daughter ran off to join a Goth circus troop? Second Life is the virtual online community where you can start all over again.

I heard an ad on the radio this morning for something called a Pulse Loan. Pulse Loan, according to the VOG (Voice of God) announcer who was pitching it, means “if you have a pulse we’ll give you a loan.”

Real Wealth Society
Thinking about conditions By Fred Cederholm
Column for on/after December 9th, 2007
I’ve been thinking about conditions. Actually I’ve been thinking about bailouts, freezes on rate resets, speculators, owner occupancy, property equity, current performance, and pregnancy. The RE mortgage bubble continues to pass gas. Billions of write-offs/ write-downs in carrying values have occurred with MEGA-billions more to come. The mass marketing of the derivative paper behind these “pulse loans” (you have a pulse, you got the loan) have made this a global problem because investors worldwide got sucked into the euphoria of these highly questionable “investment” vehicles.

The G Spot
The mortgage crisis: laissez-faire gone wrong
By Loewemaus
(...)
COMMENTS
You forgot to add George Bush to those who are to blame. Do your research and you will find that for more that two years George Bush pushed Freddie Mac and Fannie Mae to elimate down payments and ease credit restrictions to encourage “Home Ownership”. In my opinion this policy opened the doors for mortgage lenders to be aggressive in making what I call “Pulse Loans” where lenders made loans to anyone that had a pulse. You can Google and find several State of the Unions and press releases where George Bush mandated these changes to Freddie Mac and Fannie Mae.
Posted by: Boise ID Real Estate | November 01, 2008 at 10:55 PM

Active Rain
The dawn of the NEW market: Knowledge is POWER!
Posted by Brooks Rawlin on 06/04/2008 09:37 AM
Here’s a question for all the realtors out there: Have you had a deal lately that went to a loan officer, and the deal falls into a black hole, and 45-60 days later you’re still trying to figure out what happened?

It’s all too common in this market.  Three years ago, the industry had what I call “Pulse Loans”...in other words, if you had a pulse, you were approved. And this secondary-market environment led to a dumbing-down of the lending industry.  You didn’t have to know much to get someone into a house, so more and more people got into the business with no education, no training, and no financial knowledge whatsoever.

Foreclosure Truth
The Five D’s of Foreclosure
By Sean O’Toole | Jun 17, 2008
(...)
From the time I started buying foreclosures, through writing that article in mid-2006, the housing market was booming. Selling most homes was easy, and anyone with a pulse could get a loan (one lender actually went as far as to advertise a “pulse loan”). 

Posted by Barry Popik
New York CityBanking/Finance/Insurance • (0) Comments • Sunday, May 23, 2010 • Permalink