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Home > Search UMB's > Direct Mortgage Solutions Corp.
Patrick Clapp
Contact Information

Direct Mortgage Solutions Corp.
9 Heywood Avenue
Melrose, Massachusetts 02176

617 721-2627 [phone]
[email protected]

Organization Affiliation
Direct Mortgage Solutions Corp currently has 3 loan officers who work with clients along with Patrick. Patrick has developed and implemented a “UMB Degree” for all employees of Direct Mortgage Solutions Corp.
Direct Mortgage Solutions - www.directmtgesolutions.com

Contract With Client

Patrick currently does not employ a written contract with clients but plans to adopt the standard UMB contract when it becomes available.

Technology Employed
Patrick uses both an online application and face to face interview
to complete the loan application process. Patrick is well educated
in the loan submission process and puts your complete loan application together for you which puts you in the best position to receive your loan
Patrick also subscribes to both mortgage coach and mortgage market guide which provides him with knowledge and insight into the mortgage market. This gives you the best chance to take advantages of market swings and allows you to lock your rate at the right time.

Mortgage Coach - www.mortgagecoach.com
Mortgage Market Guide - www.mortgagemarketguide.com
CMPS Institute - www.cmpsinstitute.org
Massachusetts Mortgage Association - www.massmort.org

Locking Procedures
Patrick uses Mortgage Market Guide to help give insight into the
mortgage bond market. This paid subscription allows Patrick to
take advantage of movements in interest rates.

Third Party Fees
Lender Fees & Real Estate Attorney Fees
Call for estimates

Broker Fees
Lender Fees and Other Settlement  Costs
Direct Mortgage Solutions Corp. guarantees lender, broker and third-party closing costs on the day that the rate is locked. If any of these costs at closing are higher than those shown on the good faith estimate given to the borrower at the time the rate lock is confirmed, the company will pay the difference.

Broker Fees
Direct Mortgage Solutions Corp. negotiates fees on a case by case basis. Some of the criteria that go into the determination of our fees are: Loan Amount, Credit History, Documentation Type, Borrower Participation, and Closing Time Frame. Typical Fees are as follows:

Origination Fee:
Typically 1%-1.5% of the loan amount

Processing Fee
$295 which includes credit report, Fed Ex fees to get loan package to the lender and payment of loan processor and transaction coordinator.

Lender Fees
Wholesale lenders charge a fee to underwrite the file, prepare the loan docs and fund the loan. This also includes the tax service fee and the flood certification fee.

Appraisal Fee
$300 on a typical Single family home and condos. Customers are free to shop for their own appraiser. We can recommend a trustworthy company if the customer wishes.

Yield Spread Premium
The spread that the bank pays us to deliver a certain rate to the customer. This fee is always disclosed by Direct Mortgage Solutions and the customer has the option to use the Yield Spread to pay for the origination fee to keep up-front costs lower. This is worked out on a case by case basis with the customer to determine if it makes more sense to pay the origination fee, the Yield Spread Premium fee or a combination of the two.

Patrick has over 7 years experience in both the real estate and mortgage industries. Owner of Direct Mortgage Solutions Corp, he is knowledgeable in all areas of the mortgage and real estate industries.  Patrick has his CMPS(Certified Mortgage Planning Specialist) designation ensuring you that he has the knowledge and proper training to help you find the best mortgage loan for your needs.

Patrick resides in Charlestown, MA and holds a Bachelor's degree in Business Administration from the Whittemore School of Business at the University of New Hampshire. He is also a Certified Mortgage Planner and holds the CMPS designation.

Being a homeowner himself, Patrick understands that your home can be one of the most important personal and financial decisions in your life. He makes his clients a priority and is always available to provide honest answers to your questions and help you with all your real estate and financing needs.

Direct Mortgage Solutions Corp.
9 Heywood Avenue
Melrose, Massachusetts 02176

617 721-2627 [phone]
[email protected]