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Organization Affiliation
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Stephen has been a loan consultant for over 10 years, a past president of CTAMB, and owns his own company. He is a member of the National Association of Mortgage Brokers ( NAMB),
Texas Association of Mortgage Brokers ( TAMB),and the
Central Texas Association of Mortgage Brokers ( CTAMB).
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Contract With Client
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Stephen currently does not employ a written contract with clients but plans to adopt the standard UMB contract when it becomes available
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Technology Employed
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Borrowers can complete an on-line application but are urged to call Stephen and complete a phone application as this method sames time, streamlines the process and provides the borrower with immediate relevant information.
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Locking Procedures
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Stephen throughly discusses lock options and the current and future market environment based upon expert daily analysis. At borrower's discretion, they are given the option to "float" or lock their rate.
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Third Party Fees
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Stephen 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.
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Broker Fees
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Broker Fees: Stephen 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% of the loan amount
Processing Fee: $350
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: Ranges between $325-$500 depending on type and size of home. 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 Stephen 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.
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Bio
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