D.T.I. Broker Page

Broker

Shopping for a Mortgage Loan?

You can easily get a Rate-Quote (understand that interest rates fluctuate daily) What's more important than a Quote is what you get YOUR RATE LOCKED AT!

But, that's all putting the cart before the horse , because you need a Underwriter Application-Approval before you can start focusing on locking your rate...
In order to receive that approval, you must submit the following documentation.

        1) 'Tri-Merge' Credit-Report - (3 Bureaus) Current (within 30 days)
        2) Signed Purchase Agreement - or current mortgage statement (if refinance)
        3) Employment/ income - (IE: Pay-stubs/ (2) years Tax-Returns)
        4) Self Employed - Y-T-D Profit & Loss Statement
        5) Bank Statements - (3) most recent months
        6) Digital color pictures of the property. (Exterior and Interior)
        7) If subject property is Income Producing (Investment) a Rent Roll is required
        8) Completed and signed 1003   Mortgage Application
             (Each page must be initialed or signed by the borrower(s))

Submitting these basic items allows an Underwriter to provide you with a decision in about 24 hours.

ALL parties to every Real-Estate transaction should conduct their business in a manner that reflects honesty, integrity and dignity.

Most Lenders use a variety of Programs and an array of interest rates, this assortment of mortgage products can be confusing to the average consumer.

A Broker

    Brokers acts as an intermediary between a borrower and Lender. A Mortgage Broker will analyze your financial situation to determine which Lender is the best fit for your loan needs and is able to move your file to another lender should a better deal appear. Or if there is a problem with your file in under-writing with one Lender a Broker can switch lenders within minutes.

Loan Officers, And Local banks cannot do this...

   Brokers are experts in the industry, will guide you through the process of selecting a suitable mortgage and can explain the total costs and payments associated with a mortgage and offer mortgage & property related financial advice.

   If a borrowers has poor credit or some other unusual circumstances, it may be necessary to consult a mortgage broker for their specialized knowledge of different Lender's and their respective requirements.

Traditionally, banks distributed their own products. However, mortgage markets have become more competitive with the role of the Brokers (and wholesale rates)

• Assessment of a borrowers situation.
(IE: Assets, Credit, Employment, etc.)

• Gathering necessary documentation
(IE: Credit, Pay-stubs, Bank statements, etc.)

• Assessing the market to find suitable
mortgage products.

• Completing a lender application form.

• Explaining the legal disclosures.

• Submit/ Apply for a Lender's Approval.

Loan Officer

A loan officer acts as the conduit between buyer and lender. After a client completes the application, the loan officer begins the process of analyzing and verifying the information on the application to determine the borrower's creditworthiness.

A loan officer is typically not liable for their actions, and instead works under the umbrella license of their current institution.

Earnings often fluctuate with the number of loans generated, rising substantially when the economy is good and interest rates are low.
Loan officers may provide guidance to prospective loan applicants who have problems qualifying for traditional loans. The guidance may include determining the most appropriate type of loan for a particular customer and explaining specific requirements and restrictions associated with the loan.

Underwriter

In Banking, Underwriting (Underwriter) is the detailed credit analysis preceding the granting of a loan, based on credit information furnished by the borrower, such as employment history, salary, and financial statements; publicly available information, such as the borrower's credit history, which is detailed in a credit report; and the lender's evaluation of the borrower's credit needs and ability to pay. Underwriting can also refer to the purchase of corporate bonds, commercial paper, U.S. Treasury securities, municipal general obligation bonds by a commercial bank or dealer bank for its own account, or for resale to investors. Bank underwriting of corporate securities is carried out through separate holding company affiliates, called Securities affiliates, or Section 20 affiliates.