Independent mortgage brokers have had a significant positive impact on the lending industry. Today, the use of a professional mortgage broker is one of the key strategies used by sophisticated borrowers.
What is a Mortgage Broker?
A mortgage broker is an independent real-estate financing professional who specializes in the origination of residential mortgage loans. Mortgage brokers normally pass the actual funding and servicing of loans on to wholesale lending sources. A mortgage broker is also an independent contractor working with (on average) as many as 40 lenders at any one time. By combining professional expertise with direct access to hundreds of loan products, your broker provides the most efficient way to obtain financing tailored to your specific financial goals.
What Do Mortgage Brokers Do?
In the volatile home-lending market, mortgage brokers can serve as safeguards, offering their clients security, safety, and peace of mind. One of the broker's most important functions is escorting your loan application through the entire process, constantly patrolling the component transactions for possible breakdowns. A professional mortgage broker can wade through the mountains of rate data and program options, researching current market conditions to find the most accurate and up-to-date information about cost-effective loan options.
Brokers Handle the Details!
There are literally thousands of variables that can affect the outcome of your mortgage transaction. That's why you need a mortgage broker to act as a liaison between the title and escrow company, real estate agent, lender, appraiser, credit agency, the underwriters, the processors, attorneys, and any other services which may affect your transaction.
A mortgage broker also:
â€¢ Discusses and explains financing program options
â€¢ Informs you, in writing, of lock-in options
â€¢ Explains all documents of the loan application
â€¢ Explains all associated costs of the loan application
â€¢ Explains the disbursement of all loan applications
â€¢ Explains the loan process, from application to closing
â€¢ Provides you with a good faith estimate of cost and fees
â€¢ Communicates with you throughout the loan process in a timely manner
â€¢ Coordinates the final closing of your transaction... more
Ask what the problem is. Ask why were you approved if your credit was no good. Did you ask about the YSP? Next time you should work with a direct lender, especially if you are buying an REO. Good luck and don't pay YSP!... more
Yes it is disclosed on the HUD settlement, in many instances buyers BELIEVE they are getting a better deal with a lender in fact it cost them more. Matter of reading all the paperwork placing on paper obtaining full explaination from all. Knowledge has power some mortgage brokers I have seen placed the buyer in the wrong program... in some instances the broker can't think of the box to make the loan work. Some brokers don't know how to make suggestions assist the buyer in improving their credit scores knowing how to do a ramp rescore over an issue for a better interest rate.... a Loan officer needs tooo think fast in some instances
I am a Dallas realtor and Dallas home mortgage loan officer notify me if I can assist
Breaking into the REO business now is tough, any listings you get, you may not want.
Go through your MLS looking for lender owned property`s. Generally in the remarks it will say "REO, Lender owned, NOT a Short Sale.
Check out the property first!!!!,
Make sure it is not a rat hole, only choose the good ones.
Call up the listing agent. Tell them you would like to hold their REO as an Open House, in fact you would like to take some pictures, maybe a movie and advertise the Open House on the Internet, Craigslist, backpage, anywhere you can.
I like to put flyer's in Starbucks, Shh, don`t tell Starbucks, In fact don't tell your broker either.
Your Broker doesn`t need to know.
Start a Blog about the REO property`s you are holding open, include pictures. Future opens, etc...
Then go have some signs made
555 cell phone
www, your website
Hold them open on afternoon drive times, and weekends. 4 or 5 a week, keep advertising each one, and holding opens. Don't forget the chair, snacks, and wireless laptop.
Make a list of all the REO`s, and Short Sales, ( 90% of short sales become REO`s ) WaLa you are now an Virtual REO Listing agent.
No doubt about it, you are starting your real estate career at a "challenging" time.
It`s like you bought the last ticket on the Titanic.
Learn social media, web2.0, and blogging.
Finally the sooner you learn to get your clients to see a lender, the longer you will stay in business.