From this point, we contact you, the mortgage broker and tell
you what rates and terms are available, you have the choice to
either move forward or not. This is dramatically different from
other systems that take your information and send it to 50 different
places with no care for who gets the information.
How are you paid?
There are two different options:
1. You just want to refer the customer to us:
If you are like most residential mortgage officers, you are busy
building your residential business and handling all of your current
customers. You don't have the time or energy to learn a whole
different side of the business. But, you don't want to throw away
good leads either. This program is perfect for you. You can email,
call us or enter your customer's information and you will receive
a healthy referral fee. Just for supplying a customers name and
number, you can expect to receive 25% of the gross commissions
earned on the transaction. On average, gross commissions equal
about 2.5% of the total loan amount. Your fees are protected with
a "Revenue Sharing Agreement" this agreement is in writing
and sent to you signed by us and clearly states how much money
you will be paid and when.
2. You want to set your own fee and level of involvement:
If you want to be more involved in the transaction and see it
through from start to finish, this program is right for you. Under
this scenario, you wet your own fee and we list it on the letter of agreement for you.
Here are the steps to this process:
- We create a commercial letter of agreement that you take to your
customer and have them sign. The loan officer will help you
determine what is fair to charge the customer and let you know
what is normal for a similar transaction. Your fees are now
protected. You can use your own letter of agreement if you prefer.
- We analyze the transaction and prepare it to be underwritten.
- You perform a warm introduction between the customer and the loan officer.
- We complete all of the stipulations needed to close the loan.
- We order all of the due diligence items including the appraisal
and title work.
- We close the loan.
- Most importantly, make sure you are paid.
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