Nowadays, I call myself a West Palm
Beach Mortgage Broker with over 23 years experience helping happy clients all
over the state of Florida. During the last 5 years, I called myself a West Palm Beach Mortgage Banker helping happy clients all over the state of Florida.
At the beginning of 2017, I decided to move over to brokering again and I am happy to say things are going very well and I am very glad I did.
There are several reasons why I made this decision .
#1 reason is that I am able to move the file quicker. It is no fun if I have every one in the transaction yelling at you if something is running late. It is a lot of fun if I am ready and I am waiting on a title company or an HOA because I moved so fast.Whenever possible I
like to deal with the #1 wholesale mortgage lender in the country. They have
unbelievable pricing, service and technology which in turn allows myself to
offer wonderful prices, service and technology.My first three
loans of 2017 took 14 calendar days, 14 calendar days and 17 calender days respectively. Back in the old
days of banking the target was 45 days. With the new TRID guidelines that became even harder. My current sources do the TRID documents during the process. In addition to dealing with the largest wholesaler we
have specialty niche sources that go a little further than your typical banking
channels. Currently I have a special niche FHA source that can
accommodate credit scores as low as 550.The last major
advantage of Brokering over banking is documentation. Documentation on the
client is much easier than if you are going to a bank. A bank tends to over
document because they will need to sell that loan on Wall Street after you
close. If you are sending your documentation to the source that ultimately will
service your loan, they can cut corners if they want. Sometimes they do in the
name of service.
I have just made the transition from mortgage banking for the last 5+ years , back to mortgage brokering and I like the move. I think it is exciting and good and I am happy to say that I think it is good.
There is not much difference in products and pricing except for a few niches but primarily the difference between the two is the ability to give the customer the easy, friendly service.
So far, I see the process a little simpler on the brokering side with less items needed for underwriting. The process seems to have less hurdles because the philosophy is to give a conditional approval asap whereas my old mind set was that I would get that in 30 days. Since the source will ultimately service the loan, they can be a little more lenient then say a banker who has to sell the loan after closing.
Today I received a very nice conditional approval, after my customer signed on line initial disclosures just Tuesday. (Today is Thursday.)
I am subject to clear title, a good appraisal a better ID and two other conditions.
Not bad, I would say,