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Technically a mortgage broker's job is to arrange financing. That
sounds simple enough, however in practice a good mortgage broker does so
much more. With the right broker the borrower can learn about
the loan process, evaluate their options and feel comfortable with the
type of loan that they've selected. Don Chase has worked in the
industry for more than thirty years. He's familiar with the types of loan products
offered. He personally knows many of the better investors.
He's aware of the local buying 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.
Lenders require that you sign a Mortgage Loan
Origination Agreement (MLO)
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 and credit it to your costs.
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