Frequently Asked Questions

• What is the difference between a "Mortgage Correspondent" and "Mortgage Broker?"
• A "Correspondent" closes the mortgage loan with funds from their own warehouse credit lines and a "Mortgage Broker" relies on a wholesale lender to fund the loan at closing.
• What pricing factors are considered in the net pricing calculation to assure an accurate "Apples-to-Apples" comparison?
• The following adjustments are applied to the lenders' rate sheet pricing to make prices comparable. More than a million adjustments to the prices published on the rate sheets are used to calculate the "Apples-to-Apples" pricing on the "Guides" each day.
  1. Servicing released premiums (if any)
  2. Loan size adjustments
  3. Lock period adjustments
  4. LTV adjustments
  5. Credit score adjustments
  6. Regional adjustments (state to state)
  7. Special promotions
• How will the "Guides" help me?
• The "Guides" have been designed to increase the profitability of the mortgage broker or correspondent in their placement of new loan originations at the "best" possible price available that day.
  
• The "Guides" demonstrate the broker's due diligence to locate the best price for their customers.
  
• The "Guides" become the "Index" or the "Table of Contents" for that stack of wholesale rate sheets.
  
• The "Guides" enable the mortgage broker to quickly respond to a realtor's or consumer's phone inquiry, rather than having to return a phone call after the stack of rate sheets have been reviewed.
  
• The "Guides" allow for more selling time, because time will no longer be wasted trying to determine which lenders are the most competitive each day.
  
• Why should I be that concerned about who has the most competitive price each day?
  • Typically, the difference between the best and worst priced lenders is approximately 1 point. This point translates to an additional $1,500 worth of profit on an average $150,000 loan.
  • You will always be able to offer the most competitive rates to your clients. However, keep in mind that price is only one of the considerations of where to lock a particular loan. The primary considerations will always be the wholesale lender's underwriting and overall level of service. If the loan does not get approved, it makes no difference what price is locked.
  • By always knowing the competitive positions of the wholesale lenders each day, you will be able to know with certainty that you can match a competitor's quote in your market area.
• What time each day will I receive my Broker Secondary Guide^SM, Broker ARM Guide^SM or Correspondent Secondary Guide^SM?
• All Guides are released for distribution by 2 PM EST each day.
• Why are some of my wholesale lenders not shown on the Guides?
• There may be several reasons why a particular wholesale lender does not show pricing on the "Guides:"
  1. The wholesale lender may not be familiar with the Guides and therefore not participating.
  2. The wholesale lender may be a small regional lender of which we are unaware.
  3. Due to the limitation of space on the Guides, lenders with the least competitive pricing may not show up in some states for certain products.
  4. We may simply be unaware that a particular wholesale lender exists, which can be corrected with a simple phone call from the wholesale lender.
• How do we contact the wholesale lenders on the Guides and obtain approval to do business with them?
• As a subscriber, you can simply advise us which lenders with whom you wish to establish a business relationship, and we will notify those lenders at no cost to you or the wholesale lender. The lenders typically respond within 48 hours and send you their respective broker or correspondent package.
• What is the term of the subscription?
• The subscription terms can be reviewed anytime on our subscription agreement via our Subscribe link.
• What payment options are available?
• The simplest option available is to have the subscription fees automatically charged to your American Express, Discover, Master Card or Visa. For your convenience, we also offer a monthly invoicing option if required by your accounts payable department.