Really…all of that for a loan? There has to be a better way!

Mortgage Brokers or Retail Responsibilities:

Loan Officers (with the assistance of processors) finds borrower and assists in:

• Identifying appropriate loan programs, based on the consumer's needs;
• Completion of the loan application form;
• Obtaining documentation necessary to validate credit (credit report) and property value (appraisal);
  - Initial credit report typically is run with one or more credit bureaus
  - For a first trust deed mortgage, a RMCR (Residential Mortgage Credit Report) which is a three file merge (it has the information from the three primary sources and removes duplicates, mistakes, etc.) is required; For a second trust deed mortgage a single bureau is all that is needed.
• Compiling supporting information in a package suitable to submit to lenders;
  -Verification of Employment (VOE), could include an actual VOE form, or may be paystubs
  -Verification of Deposit (VOD), could include an actual VOD, or may be copies of bank statements
  -Verification of Mortgage (VOM), could include an actual VOM, or a credit rating on a credit report
  -Verification of Rent (VOR)
• Communications between the lender and the consumer