Mortgage Brokers

Mortgage brokers are borrowers agents without access to lending capital and do not fund loans. Brokers prepare loan applications and compile all of the necessary documents. Completed loan applications are sold to a wholesale lender for a processing fee. Mortgage brokers work with borrowers to identify lenders whose loan products meet the borrowersí need. Wholesale Access estimates that there are currently 53,000 operating brokerages with a mean of 7.9 employees in the U.S.

Mortgage brokers attempt to locate appropriate loan products for borrowers by collecting and reviewing information from multiple lenders, advising borrowers of available loan products and assisting them with the loan application and closing process. A broker's effectiveness depends, in large part, on having access to a variety of lenders and loan products to offer a borrower, having the necessary tools and information to originate and close the loan quickly and efficiently, and having sufficient time to spend with the borrower to facilitate the loan origination process. Given the vast number of loan programs and volatility in interest rates, we believe that it is currently virtually impossible for brokers to deliver the optimal product and price for borrowers on a consistent basis. In fact, it is estimated that while the typical mortgage broker will have relationships with twenty to twenty-five lenders, the vast majority of the broker loan originations are processed through only three lending institutions.

For the Mortgage Brokers, the ApprovalFinder™ suite of products:

  • Reduces transaction failure during the underwriting process;
  • Improves an originatorís ability to close loans through enhanced decision-making assistance provided by the ApprovalFinder™ platform;
  • Enables originators to evaluate a clientís entire financial picture and to select loan programs based on a variety of client-specific inputs.
  • Improves price discovery and market liquidity with its ability to aggregate industry participants and provide transparent, interactive price and product information;
  • Provides import / export of customer data to popular Loan Origination Systems (LOS) via Fannie Mae 3.2 file format
  • ApprovalFinder™ version 2.0 is available now.