January 12th, 2017 10:03 PM by Preston Ware
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,