Mortgage Broker Submission-Land Contracts
What is the Mortgage Broker Submission
A mortgage broker submission for land contracts is written to the broker or the lender and it is written by the salesperson or by the individual regarding the financing of the prospect. In this the person asks the broker or the lender to check the application in order to see what LTV can be done based on the score of the individual who needs the loan.
This Mortgage Broker Submission has the details of the borrower, his social security number, the purchase price, loan amount, down payment amount and details of the property. This Mortgage Broker Submission also informs that the credit of the person can be pulled up so that it may be checked and verified. It also states the max amount which the person can afford to pay per month. This amount which the person can pay monthly should be stated so that the financing can be given with that maximum installment amount. It also asks if the person is not eligible at the current time due to the maximum amount he or she can pay is nowhere even close to what the amount of the installment should be, then if the person will ever be a likely candidate incase he or she proves that he or she has been paying regularly for 12 months.
This document is an application or an appeal made so that the loan can be advanced to the borrower and the borrower can go ahead either immediately or in the future to avail of the loan.
Sample Template Preview
The Pinnacle Group, LLC.
Address, City, State, Zipcode
Phone: 254-000-0000 Fax: 254-000-0000
To: Your Broker / Lender
From: You or your Salesperson
Re: Financing (for your prospect’s name)
Can you please take a look at this application to see what kind of LTV you can do
based on his score?
Borrower: Your prospects name
Social Security # 123-45-6789
Purchase Price: $149,500
Down Payment: $8,000
Loan Amount: $141,500
Property: 1234 Jones Street, Anywhere, Georgia 30005
I am attaching his application which authorizes you to pull his credit. Please keep in mind that he states he can afford $1,250 per month so can you select a financing
program that allows his principal and interest payment to be somewhere near that figure? Also, if he cannot get financed today, does he look like a good candidate once
he has a track record of paying for 12 months?
Thanks in advance for all of your help.
You or your salesperson
- Application Receipt Agreement-land contracts
- Assignment of Escrow Funds and Insurance
- BILL OF SALE
- Cancellation of Existing Hazard Insurance-land contacts
- Gift Letter for Buyer from Family Member
- HUD 1 Settlement Statement- Land Contracts
- Landlord’s Rules and Regulations
- Repair Addendum -Land Contracts
- SATISFACTION OF Deed of Trust
- Standard Real Estate Lease Agreement (buying)