BROKER LOAN PROGRAM
Hard Money Lenders have provided Real Estate Mortgage Brokers and their clients with trustworthy and dependable mortgage funding for many years. We provide flexibility, quick finance, and favorable interest rates and terms through our broker affiliate program. We will take into account any mortgage loan starting at $30,000.00.
Our loan choices are mostly determined by equity. We don't value credit and income nearly as much as traditional loan sources do. We aspire to be a helpful partner for you and your clients, not merely your private mortgage lender.
We can quickly give your clients the money they require if they have less-than- perfect or outright terrible credit but equity in their home.
We will never treat our clients rudely and horribly and behave like a bank or other institutional lender.
We are not like traditional banks; we won't make you and your customer fill out a tonne of paperwork merely to have the opportunity to refer or broker your client's mortgage loan to our business. We value your time as well as that of your client. Working with our organization is straightforward and simple.
Since almost any property in California will be taken into consideration by our organization, we advise our mortgage brokers to use our Short Summary Submission to let us know what is desired and on which property. We will contact you as soon as possible to go through the facts of the transaction and the suggested financing conditions that our company can offer.
BROKER LOAN SUBMISSION
Request our Broker Loan Submission so that we can "Run the Deal." Obtaining
the data required for us to make a financing decision only takes a few minutes.
If further clarification is required, we will get back to you in less than 24 hours
with our financing decision. Funding for your client is quick and simple.
Funding is fast and easy for your client.
It’s a simple 7 step process:
- Consult your client to ascertain their funding requirements.
- Let us know how much they want to borrow, specifics about the property they want to borrow against, and how they intend to pay back the mortgage loan.
- If your client's mortgage loan request falls within our lending guidelines, we'll provide a preliminary loan approval with information on our financing terms and fees in 24 hours or less.
- Send us the completed 1003 form together with your client's signed authorization to release information.
- Hard Money Brokers will handle the rest, getting the preliminary title report, the appraisals, and all of the closing paperwork ready for your customer to sign.
- To fund and close the loan, we only need your help in connecting with your client.
- All broker fees will be disclosed, included in the loan expenses, and billed to the borrower. On the day the loan closes, all broker fees will be remitted to the broker who referred you.
Any appraisal fees as well as the typical closing charges will be your client's responsibility. As of right now, we only finance business and investment loans that are backed by trust deed investors. No owner-occupied loans are funded by us. Any loan request up to 70% of the value of the relevant property will be considered. Regarding interest rates and payback conditions, we are highly accommodating. We can give the ideal financing for your client because we now provide interest-only, partially, and fully amortized loans.
As soon as we get the data, Hard Money Brokers will figure out how much of a loan we can provide your client. Call us at (888) 797-7970 if you have any questions or need help filling out the following information.
We appreciate the chance to help you and your customer get finance for a real estate purchase.
QUALITY CONTROL POLICY
We must have a policy of verifying the accuracy of the information and papers provided to our company in the process of originating real estate loans because we hold a California state license, represent investors, and deal in significant amounts of money.
In order to fulfill our obligations to our borrowers, investors, and government authorities, we use the following strategies.
- When not being processed or serviced, all loan files are kept in secured file cabinets for security. Every time a file is withdrawn from the file storage area or taken outside of the office while conducting business, a log is kept. To ensure that a file has been checked back into our secure system, we use a file return policy.
- Our business only orders credit reports from organizations that adhere to the Fair Credit Reporting Act. All applicants must have a credit history with at least one credit bureau.
- A Regulation "B" Notice that details the reason we were unable to extend credit and suggests alternative solutions for the borrower is quickly given to the borrower if we are unable to fund a real estate loan owing to credit. Any inquiries about specific credit entries on the borrower's credit report are forwarded to the relevant credit reporting agency for additional clarification.
- Real estate appraisers that are qualified, experienced, and duly licensed by the State of California conduct each and every appraisal.
- Whether it comes from a borrower or a broker, our organization reviews and verifies the legitimacy of every income evidence presented to us.
- When deemed essential by our loan origination team, telephone verification of information provided to our organization is carried out.
The borrower receives all necessary loan origination disclosures within all the governmental time constraints. The State of California Mortgage Loan Disclosure Statement, Federal Equal Opportunity Notices, Good Faith Estimates of Closing Costs, Federal Regulation Z, Truth in Lending Disclosures, and State Fair Lending Notices are just a few examples of what is covered.
Additionally, Hard Money Brokers make daily decisions about any additional quality control procedures needed to ensure that the information received and given to our investors is accurate and true.
MORTGAGE BROKER FORMS
Broker Approval Forms Our broker applicants can quickly complete this form in just a few minutes. Once the broker approval department receives the completed application, approval can be given in 24 hours or less.
Every mortgage broker that our business interacts with must sign this Internal Revenue Service form, which requests payment and tax identification information necessary to comply with federal law.
Our mortgage brokers utilize this form to provide the fundamentals of a potential loan transaction so that we may assess if the loan will fall within our lending guidelines.
This is the typical loan application for a house that the majority of lenders in the sector use. The FNMA 1003 application has been selected by our business as its loan application. The majority of borrowers are familiar with filling out the form because they have seen it in other transactions.
Borrowers Certification and Authorization
The borrower authorizes our business to look into loan payoffs, payment histories, employment verifications, and any other essential contacts that call for borrower authorization by signing this form.
Equal Credit Opportunity Act Disclosure
According to federal law, lending institutions must offer credit to borrowers without taking their race, color, or country of origin into account.
Fair Lending Notice
According to this California statute, lending institutions that originate real estate loans in the state are prohibited from treating borrower applicants differently.
EQUAL HOUSING LENDER
Some products may not be available in all states. Restrictions apply. All rights reserved. Pre-qualification is neither pre-approval nor a commitment to lend; you must submit additional information for review and approval. Approval may be subject to rate increases, satisfactory title and appraisal review, and no change in financial condition.
*Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.