What is happening today in mortgage lending:
Lenders dropping mortgage brokers - Feb. 12, 2009
I have had a few broker shops call concerned over the future of brokers. I thought you might be interested in some good advice I heard from someone who knows what the secondary and capital markets are doing. His advice was as follows; In order for brokers to survive from unnecessary actions to be taken by lenders make sure you have a good quality control plan in place. Don’t deliver loans that are not going to close and make sure they are well processed. Lock loans and don’t let them expire. Don’t churn your pipeline. These are things that Lenders are rating brokers on. I expect in the future the incentives to brokers from lenders are not going to come necessarily from the amount of loans you deliver as much as it will come from the quality of the loans a broker delivers.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
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