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Qualifying For a Loan

Posted on February 25th, 2012 with 0 Comments

By Jared Martin A common question most borrowers have is, “how is my loan application evaluated”, or “what is an underwriter looking for?” There are 4 main things an underwriter is evaluating: capital, capacity, character, and collateral. The first 3 relate to the borrower, and

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What Makes a Good Mortgage Broker? Part II

Posted on April 8th, 2008 with 0 Comments

Accurate pricing depends on a number of borrower, property, and transaction characteristics. If these are not known or used, the price cannot be accurate. Loan originators who quote the best prices possible — and sometimes even better than the best possible — with the intent of roping in the customer are low-balling…

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What Makes a Good Mortgage Broker? Part I

Posted on March 26th, 2008 with 0 Comments

In the past 10 years, I have written almost 50 articles on different mortgage broker topics, but none of them addressed the most basic topic of all: What makes a good broker? Perhaps it took 10 years before I was ready to confront this question, along with its obvious corollary: How do you know a good broker when you see one?

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How Do I Find an Ethical Mortgage Broker?

Posted on November 8th, 2006 with 1 Comment

At a customer’s request, UMBs disclose their fees to customers in writing and in advance. At the customer’s request, UMBs also disclose the wholesale prices (rates and points) they receive from lenders. Customers of UMBs pay the broker’s fee plus wholesale loan prices…

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Sign an Exclusive Contract With a Mortgage Broker?

Posted on June 25th, 2005 with 0 Comments

Many borrowers are reluctant to sign a contract with a mortgage broker that bars the borrower from working with another loan provider. The following letter is typical. “The mortgage broker I contacted asked me to sign an “exclusive agency”…

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