Mortgage Lenders

I have created a newsletter that a broker can send to his/her clients. It is part of a client retention strategy. Four quarterly newsletters written in the brokers voice.
The newsletter is 4 pages. Some interesting info about the broker on the front page. A thank you and referall section on the 2nd page. Funny Cartoons and a word search on the 3rd. The last page has a recipe section. I usually get the broker’s spouses name and sort of make it there section. Like one broker I do this for…his wife’s name is connie, so that section is Connie’s Corner. I write it in 1st person format. The idea is to make it look like the broker spent time to produce this. I also throw in a birthday card. All this for $25.00/yr/client.

There are already a dozen companies offering something like this. So yours would have to be better, cheaper and easier. Start looking at the ones that are out there and see how you compare.

I know for my own sake, that anything I can send a few times of year to retain my clients and keep in front of them is a good idea. Yet I’ve never spent the money for something like this. Even though it probably would have been money well spent.

mortgage brokering firms that will hold a blanket license for an out-of-state deal to be closed and commission to be received.

Many national banks, such as Wells Fargo have mortgage licenses in multiple states. That would be a good place to start looking. A good clue is if they have "N.A." after the bank name…"N.A." stands for "National Affiliation".

I am working as a Loan officer from India and close around 2-3 Loans a month working under some brokers’ license. I need to know is there a law which allows me to apply for brokers’ license or loan officer’ license sitting here in India. I am planning to build my network of loan officers in states before i actually go there!

Any help would be appreciated

no…….
you need a U.S sponser to sign your forms

go to the immigration office and read the rules and laws..

if you can not read then.. hire an "immigration lawyer"
the laws are very strict..
there was a huge tv show on 5 Asian students arrested for misrespresenting themselves..

good luck

i run a small loan processing company and i am trying to find thoise in need of my services.

You should contact SalesGenie.Com. It is one of the best sources of all businesses in the United States. They’ll give you a free trial for 7 days and then if you like it, you can subscribe to it on a monthly or yearly basis.

I am not clear on how mortgae brokers get paid and who pays them?
Enlighten me!

Well two places mainly.

They are paid by the borrower in the form of a loan origination fee, mortgage broker fees, processing fees, etc. The funds used to pay these fees can come from loan proceeds in a refi and closing costs in purchase transaction. They can range from 0% to 4% depending on the loan amount and situation.

Brokers also can receive a yield spread premium (YSP) (also known as "rebate") paid to them from the lender for slightly marking up a rate on a clients loan. Mortgage brokers typically must disclose this YSP on a closing statement (HUD-1).

Many times a mortgage broker will only receive compensation from one of these sources but can get it from both. In some cases I will not charge a dime as far as loan orignation fees, etc. but receive my compensation from the lender. In other cases I will charge a loan origination fe etc. but not get any compensation from the lender. It all really depends on what your client is trying to accomplish and thier plans for the property. Just remember no one works for free and mortgage brokers can typically get you a better deal than most banks and have more funding sources.

Hope this helps.

This would be part of an assisted housing programme, the council/state paying half of the property price.

Does anyone have any information?

I think this is an extremely dangerous course of action to take. You should not treat disability benefits as a source of income in this way. Your entitlement to them may change when your award expires or with any change in law and then you would have great difficulty making the payments

Any Bank that would consider lending on the basis of disability benefits would not be doing you a favour and is operating unethically

We want to help my nephew buy our little condo. He and his wife pay 800/month rent now and probably can’t afford much else.. We would sell it to them for 142,000. We don’t want mortgage brokers to contact us….we just want information on the types of special loans available to first time home buyers (low interest rates, etc). Could they afford to do this with very little or no money down?
Thanks in advance!
By the way, we don’t own it free and clear. We have a loan on it now and our payment is around 800/month but we put quite a bit down.

They could do it. Thereare loans out there called FHA (First Homeowners), Conventional loans, RD(Rural Development and other loans as well. Have them go to their bank or mortgage company and see what they can qualify for and the bank or mortgage company should be able to tell them what rate. Its best to get a Fixed rate rather than an adjustable because with an adjustable, the rate goes up depending on the market with the percentage rate. About the $142,000, there will have to be an appraisal also to make sure what the condo is worth, as well as closing costs.
My husband and I were able to purchase our first home when we got married 8 years ago with no money down. It is best to put some money down to make the monthly payment lower.

Will the banks AND the broker both bring up a credit report? If you were dealing with several banks offers over a period of 3 months, wouldn’t that be extra inquiries on your report that could hurt you score?

Inquiries are moot. 80% of your score is determined by how you pay, how much you owe, and how long you’ve been paying carries the most weight.

if there is a provincial split, that would be nice as well.

Try the links in http://www.hot8sites.com/mortgage/ for all information on mortgages

Is this possible? Can banks disclose how much money you have to outside or third parties?

Banks legally cannot provide your balances to a 3rd party. The statements you provide will give them that information. If they did, banks could actually contribute to you having your identity stolen. Any bank that voluntarily did that would be asking to be sued by the customer and severely fined by the government.

Now, the mortgage broker could technically call the bank and using the information you provided them, they can pretend to be you. They will have all of your information such as your social, date of birth, etc. A bank really has no way of knowing it isn’t you when they are able to provide us with all the information we need to verify your indentity. However, your statements should be sufficient and anything else would be very unethical and pretty much unheard of.