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| Correspondent DIRECT Lending | We
are a direct lender! |
Question:
What is a
correspondent direct lender, and why is it so important to us?
Answer:
Simply put, you want only the cream of the crop, no matter what
you are doing. A correspondent direct lender is just that. The
term says their mortgage company originates, processes,
underwrites, issues loan commitments, closes, and funds their own
loans.
Question:
What is the
difference from a plain mortgage broker?
Answer:
Mortgage brokers can NOT issue a loan commitment, or a
real Pre-Approval letter. If you are working with a broker, and
they have given you a pre-approval letter, it is a worthless
piece of paper, and in violation of law.
They originate, and process your loan (help you get the paperwork
together and verifies the information for the real lender), but they
do not underwrite, close, or use their own money. The
borrower often doesn't deal with the real lender, or even know
who the real lender is until closing. The process works, with one
exception - you may not get the best deal. The higher rate you
pay, the more the broker earns. You might also be very surprised
to find out that many so called "top lenders" are
really just small brokers with 10 employees or less! Is this who
you want to deal with?
Question:
Why are
there so few correspondent direct lenders?
Answer:
Mainly because it is easy to become a mortgage broker, while it
is hard to be a direct lender. There are two primary criteria few
brokers can meet. The first is a seven-figure net worth
requirement. The second is an initial audit process that
scrutinizes past transactions. You're ineligible if predatory
lending practices are found, or questionable transactions are
uncovered. Our correspondent direct lender status is hard earned
and we believe it affords our loyal following of customers many
benefits. Unfortunately, it is extremely easy to become a simple
mortgage broker.
Question:
What are some of
the other benefits?
Answer:
First, our clients prefer the process to be completely self
contained, providing them with superior privacy, security, and
pricing.
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Correspondents typically get better pricing from funding sources, with fewer loan program restrictions.
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Many of the highest producing real estate agents refer their clients to correspondent lenders only. It makes their buyer's offers more credible to sellers, and provides all parties involved in the transaction more confidence that those lenders will get the loans closed on time, every time, or they wouldn't have been approved as correspondents in the first place.
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The vast majority of conforming fixed mortgages are sold by correspondent lenders to large servicers. Because of the high credit quality of these entities, the original mortgage loans can be offered at lower rates.
Banking Institutions, Credit Unions,
Brokers, and many traditional mortgage companies are
limited by the number of mortgage programs they can offer. These
lenders typically represent one, or just a small handful of
investors.
Correspondent direct lending allows you to find the right mortgage program for your needs from hundreds of financing options. Our expertise in understanding home-lending options ensures that the qualifying and approval process goes quickly and smoothly.
Find out the advantage correspondent DIRECT lending can mean for you!
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Joe Metzler,
MMS,
UMB |
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Email
Us
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Equal
Housing Lender - Our services available only for properties
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