Approach
Glossary
Numerous tasks during the loan process never change ("static") such as asking for social security numbers, earnest deposit amount, date of birth, assets, property addresses, etc. You will ask your client “static” questions from a 4 page loan application along with questions from our templates located on the website. These template questions eliminate your need to memorize while offering ease and convenience by responding with simple mouse click answers. After completing these tasks both the loan application and the template responses are then securely transmitted electronically to us. These Step 1,2,3 and Close "static" template questions are a necessary part of the loan process to understand and optimize your clients' debt structure.
We understand the importance of the interaction between the mortgage broker and their client. Realty Plus Mortgage wants "you", the mortgage broker, to handle the face to face relationship with your client, as we work behind the scene. Services provided=fee earned, we have maximized the mortgage brokers participation through the "static" side of the loan origination process and eliminated the confusing and time consuming "dynamic" parts of the process for you.
The speed at which banking changes ("dynamics") requires an enormous amount of banking compliance, on-going learning of cutting edge bank industry trends, post closing conditions, and staff coordination. We understand credit report issues, self employment income analysis, automated underwriting (DO and LP), preparing good faith estimates, administrating the banking relationships, search engine pricing, providing pre-qualification letters, locking loans, program guidelines, optimizing debt structure, underwriting and closing submission forms etc, which makes the "dynamic" side very specialized.
Our contribution is reviewing the "static" answers given by the clients on the loan application and templates we receive from our mortgage brokers. We then work on the "dynamic" side, removing the confusing and time consuming part of the loan process for the mortgage broker. In "partnership" with you on the entire loan origination process, we both work efficiently, effectively and professionally.
To actually "Join Us" click on this link at the top of the page. The following information is a quick summary of what steps need to be taken in order to become an affiliated broker. They include purchasing a calyx software for mortgage loan applications (No Fee), Colorado mortgage brokers bonding requirement for 1 year ($188), fingerprint card ($10), background check by Colorado Bureau of Investigation ($39.50), a mortgage application fee paid to the Colorado Real Estate Commission ($200), Errors and Omission Insurance ($500), complete 40 hours of licensing education and pass a two-part exam ($239) and a 1099 Employment Contract with a W-9. The total upfront costs are $1077 (if fingerprint and background check are waived) of which Realty Plus Mortgage will reimburse $700 or a maximum of 65% of these costs after the first template closing. This will lower your net cost to $327. *The Colorado Real Estate Commission will accept background checks submitted for a Colorado Real Estate Broker License that have been conducted in the 12 months prior to the application for mortgage broker registration.
NOTE: LOG ON AND PASSWORD ENTRY TO AFFILIATED BROKERS OUR FULLY FUNCTIONAL TEMPLATES AVAILABLE AFTER LICENSING AND ALL FORMS ARE COMPLETED.
Unlike our competition we do not markup rates to our mortgage brokers, what you see is what we get. Our mortgage brokers price their loans, and participate in the following forms of banking income, which includes Origination Points and Yield Spread Premium. Discount points are strictly used to buydown interest rates and are not a source of fee income. Upon locking the customer's loan/rate we will forward to our mortgage brokers a fully disclosed registration form showing the entire fee income and lender name. An Origination point is a standard fee paid to a mortgage broker by the borrower for services performed on his loan. Discount points are paid by borrowers to buy down the interest rate in order to have smaller monthly mortgage payments. Residential mortgage paper trades like bonds when sold in the open market to outside investors. If the interest rate is too low relative to the existing market, it trades at a discount. If the rate is too high, the bank will pay a Yield Spread Premium (YSP) for the paper. This YSP can be additional compensation paid to a mortgage broker for delivering to the bank a higher than average interest rate paper. If the paper trades equal to the average interest rate, the bond trades “flat” or at Par.
Uniform Residential Loan Application or 1003
A commonly used form called a 1003 created by Fannie Mae, named for a borrower’s loan application. Freddie Mac’s loan application is called Form 65. This is a standardized 4 page loan application that asks numerous private questions of the borrowers current financial situation, income, debt and past history. It is mandatory that all client information be held confidential and protected. The Federal Government has a section at the bottom called Home Mortgage Disclosure Law (HMDA), which monitors race, gender and ethnicity for potential discriminatory practices or possible violations of the Equal Credit Opportunity Act (ECOA). Our company uses Calyx Point software as its choice of software loan application. This software is popular with most banks and can be easily emailed and integrated into banks on a password protected basis.
