Mortgage Broker Submission-Work For Equity

Advancements in Mortgage Broker Submission System

Mortgage Brokers are an important part of the financial system. They play a crucial role for buyers to access the market. The lender is also committed to the broker as he is the channel through which the whole process can easily be completed. Many people think that these brokers mislead people to the wrong type of loans and are a major cause for non-performing loans. However, this is not entirely true. If some banks are not willing to engage mortgage broker it is because they would like to improve their market share.

If these mortgage brokers disappear it will have an adverse effect on the financial system, especially for borrowers. Many lenders tried to blame brokers for the subprime mortgage mess and want to have more control by having direct contact with the borrower. All said and done, lenders are not willing to remove mortgage brokers from the system. In fact, many banks and lenders have made the entire mortgage broker submission system more efficient by making it online. It made the journey of obtaining loans much smoother benefitting both borrowers as well as lenders. These improvements of the online system have supported the existence of mortgage brokers. As an intermediary, they oil the wheels of the financial system effectively.

Barclays online system has made the submission so easy that they simply have to scan and attach the documents which take very little time and effort. It has been greatly appreciated in the market circles. There was good feedback from brokers since the system was launched enabling further improvements for good customer service and satisfaction. It furthers the broker-centric approach to mortgage lending.

(No Ratings Yet)

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)

(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