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Technically a Mortgage Analyst's job is to arrange financing. That sounds
simple enough, however in practice a professional Mortgage Analyst does
much more: It’s the Analyst’s responsibility to figure out what the
Client has (or wants) and then teach them about the loan options and
process, and help them evaluate those options so they can feel
comfortable, knowing that the type, closing costs and future costs and
performance of their loan will help them accomplish specific life and
financial estate goals.
Don Chase has worked in the industry for more than thirty years. He's
familiar with all types of loan products offered. He personally knows
most of the better investors. He's aware of the local property and
appreciation trends. In short, he brings a lot of knowledge and
experience to the table.
Don uses his knowledge and experience to help guide his customers
through the loan process. He provides both loan counseling services and
origination services.
Counseling Type Services
- Obtain loan application information from each borrower and fill out
the application
- Analyze the prospective borrower’s income and debt, and pre-qualify
the prospective borrower to determine the maximum loan that the
prospective borrower can afford.
- Educate each prospective borrower in the home buying and financing
process, advise each borrower about the different types of loan
products available and demonstrate how closing costs and monthly
payments vary under each product.
- Collect financial information required by the Lender, including tax
returns and bank statements, and other related documents that are part
of the application process.
- Assist each borrower to understand and resolve credit problems.
- Maintain regular contact with each borrower, the lender and any
realtor, dealer or other involved third party, between the submission
of an application and any closing to apprise each of them as to the
status of the application and to gather any additional information as
needed.
Other Origination Services
- Initiate and order VOEs (verification of employment) and VODs
(verification of deposit).
- Initiate and order requests for mortgage and other loan
verifications.
- Initiate and order appraisals and other inspections.
- Provide the required disclosures (i.e. – Truth-in-Lending, RESPA,
ECOA, etc.) to each borrower.
- Order legal documents.
- Determine whether the property is located in a flood zone or order
such service.
- Participate in the loan closing and forward the closing documents
to the Lender.
Mortgage Loan Origination Agreement
While by
Washington State Law Don Chase is an Independent Contractor, his intent is to act as
your agent. This means Don will take care of your interests before taking
care of his own.
Most Lenders require that you sign a Mortgage
Loan Origination Agreement (MLO) in either theirs or a generic form.
The MLO states that you agree that Don can keep some or all of any
Discount Rebate as compensation for his services. However Don's
policy, in keeping with his intent, is to fully disclose any rebate
available and how much of it is being credited to your costs. You
will receive more specific disclosure of how and why your closing
costs are what they are from Don Chase, Mortgages, than is required
by all the newest Origination law and guidelines. You will be fully
informed of all costs, rebates and credits, so you are fully aware
of all your options.
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