mortgage simple definition: The Power of a Direct Mortgage Lender

The Power of a Direct Mortgage Lender

The Power of a Direct Mortgage Lender. Mortgage Companies Closing Shop.

The Power of a Direct Mortgage Lender video duration 3 Minute(s) 41 Second(s), published by Kathleen Daniels - Need Probate Help on 25 05 2019 - 17:59:25.

directmortgagelenders #loanpreapprovals Tom Parke of Mason-McDuffie Mortgage discusses the power or working with a direct lender

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Tom Parke of Mason-McDuffie Mortgage discusses the power or working with a direct lender. Visit https://needprobatehelp.com/direct-mortgage-lender/ for more information.

As a direct lender, we close and fund all of our loans in-house. The benefit to the buyer in this scenario is, we, my team, we are not brokering the loan out to a third party. We are not sending it outside of our company where there is another decision maker that works for some other entity deciding on the borrower’s ability to purchase this home or borrow this amount of money.

As a direct lender, our company and our underwriter is able to screen the buyer up front and put the stamp of approval on it, so to speak, and say this buyer is approved and qualified to borrow this much money. We are making a lending commitment as a company to lend this borrow this much money that is approved by our company.

• That means we can approve it fast.
• That means our approvals are guaranteed.
• The lending commitment is solid and it is going to go through.

Ultimately, the way this benefits the seller will have the peace of mind and is going to be able to sleep at night knowing that if the buyer has been screened and approved by Mason McDuffie Mortgage, that buyer has a guaranteed ability to purchase this home.

No matter how thorough the lender is upfront during the pre-approval, the approval and the underwriting approval with the borrower, underwriting can approve the borrower for the borrower’s ability to purchase the home for X amount of dollars and borrow a certain loan amount for X amount of dollars.

Even with an underwriter’s approval, there can still be turbulence. There can still be things that pop up that are beyond the borrower’s control and completely something that the underwriter and the loan officer were not aware of. Such as:

• A title report might get pulled and there is some nuance with the home that nobody was aware of before. Not the listing agent. Not the current owner. Certainly not the buyers, and not the lender. There could be a thorough search in the borrower’s background showing that they had a judgment against them that no one was aware of, not even the buyers were aware of.

• There could be a lien or something against the buyers that no one was aware of.

• There could be a lien against the property that nobody was aware of.

• There could be something unpaid that all parties were legitimately unaware of.

Sometimes these come up at the 11th hour.

It is good to be teamed up with a lending partner in that case, even if it is your backup lender, that should you need to fall back on them they can come through and come up with a creative solution.

Giving a specific example, it has happened where at the last minute, a lien has come up and something needs to happen with that lien. Either we need to get proof that it has been satisfied or we need the lender to basically allow the loan to fund and the purchase to close with proof of that lien being satisfied to come at a later date.

Being a direct lender there are certain instances where we are able to have a little bit of flexibility and make judgment calls with our senior management and fund loans with that information still forthcoming as long as the borrower has been thoroughly screened, and reviewed and approved by underwriting upfront.

The Tom Parke Mortgage Team at Mason-McDuffie Mortgage Corporation is a direct mortgage lender specializing in residential real estate finance for home purchases, refinances, lines of credit and construction renovation.

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