As a Business
Partner of Mortgage Services, you will receive 10% of the
gross commissions earned for all loans closed that you refer.
For example, let’s
assume that you refer a client who wants to consolidate personal
debt and obtain a lower rate on their current mortgage. Let’s
say the loan amount will be for $600,000. Typically, as mortgage
brokers, we will earn about 1% of the loan amount as a fee. It’s
important to note that this charge is not paid by the client! We
earn our fees directly from the lender unless the client wants
to pay additional funds to lower their interest rate even
further.
In this example,
you will receive $600 in referral fees when the loan closes.
Obviously, the more clients you refer, the larger your monthly,
quarterly, and annual income will be.
For very little
time and effort on your part, you will have the potential to
substantially increase your firm’s gross income.
Joining our
Partner Program is free of charge! At no cost to you,
we provide mortgage services to you and your clients. And
with our no obligation policy, you are not required to fulfill
any quotas or work with us exclusively.
Our Partner Program is designed to benefit both clients and
Financial Professionals. Our knowledgeable Mortgage
Consultants will provide your clients with mortgage information
that you can trust while you earn 10% of the gross commissions
for each loan closed that you refer. These commissions can
be used to increase your firm's gross income or as a credit
towards your client's loan.
For more
information on the Terms and Agreement, click
Join Network and submit your
contact information. A Mortgage Consultant will provide
you with our Partner Program packet information.
After joining the
Partner Program, the following is a step-by-step approach you
will typically follow in order to make our proposal work for
you. We are here to provide as much assistance through
each step of the way.
Complete
Disclosures and Loan Application
Physically give or
e-mail the loan application package to your client. You must
also accept the package from them when it is completed.
Collect Income and
Asset Information
In addition to
submitting the enclosed loan application and loan disclosures to
us, you’ll need to collect all other relevant income and asset
information. Please note that we also have access to stated
income and stated asset loans. However, the rates on these types
of loans are slightly higher versus the standard full
documentation loans. We will follow up with your client if any
critical income or asset information is missing.
Help Client
Understand Credit Issues and Scoring
Assist the
borrower in understanding credit issues and credit scoring. To
make this requirement very easy to satisfy, we have developed a
comprehensive brochure that you can simply give to the client.
We will follow up with your client just in case there are any
complex credit issues to be dealt with.
Maintain Contact
with Your Client
Maintain regular
contact with your client about the loan. To make this part of
the requirement easier for you, we will issue a weekly e-mail to
you and your client so you can easily see the progress of your
loan. If an e-mail is not appropriate, we will make a telephone
call to both you and your client or send a letter. Of course,
either you or your client can contact us at anytime during the
application process.
Obtain Any Legal
Documents
Obtain any
additional legal documents necessary for loan approval.
Sometimes, lenders may need documentation such as family trust
agreements, divorce decrees, CPA letters verifying income, a
statement from a physician verifying a disability, etc.
To make this
portion of the requirement easier, we will work with you to
order these from the client and help explain to them why this
additional documentation may be necessary for loan approval
and/or funding.
After you obtain
the necessary information and documents from your client,
Mortgage Services is here to handle the entire loan process.
In order for us to issue your referral fee, you must be involved
to some degree with the loan application. But, you can be
assured that Mortgage Services will do everything we can to
simplify this process for you and your clients.
We look forward to establishing a
business relationship with you!
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