Quick Survery - Posted by Patrick S. Lawson

Posted by Patrick S. Lawson on July 12, 2007 at 06:26:32:

Thanks for the reply Max. I’m not so much interested in feedback on teleoriginations as I am on having closing documents “eSigned”. See video for details.

Quick Survery - Posted by Patrick S. Lawson

Posted by Patrick S. Lawson on July 11, 2007 at 17:14:58:

My company is running a pilot eMortgage program with mortgage brokers. This is not a solicitation I’m just interested in knowing how investors feel about this technology. All things being equal would you pick one broker over another because one could offer an eMortgage?

Here is some info on eMortgages:
Overview of the eProcessing Service we provide:


Freddie Mac Flyer:

Fannie Mae Flyer:

News footage of â??hybridâ?? eClosing:

Overview of eProcess (created by MERS and Stewart):
http://closingprime.com/videos/Stewart Title_title01.avi

Re: Quick Survery - Posted by Max-Va

Posted by Max-Va on July 11, 2007 at 20:34:56:

I am a mortgage broker. I tried the internet route. I found that there are some borrowers that are ok dealing with someone across country with e-mails and a call or two. It works with a plain jane loan full doc, and mid 700 credit scores.
The problem is when you deal with self employed, high DTI, commissioned sales people. The broker across the country can’t get it closed. The loan blows up. I get a large number of people who tried the internet route and just got discusted and came to me as I advertised rates competitive with the internet brokers.

I have found a large amount of people want someone local that will compete with rates, even a 1/8 higher or a small origination fee, but is available to call day or night with a problem or concern. If I fail to do my job or they experience what they feel is a run around they can come in for a face to face. And they deserve to do just that.
Borrowing hundreds of thousands of dollars is a major event in peoples lives. Most borrowers are still wanting the personal contact. They want to see the face behind the desk, they want conversation other than just questions and answers to complete a loan app. They want someone to understand them and their unique stiutation. They want several recomendations as to what loan product they might need.

Most of the online brokers that I have experience with, have order takers. The boss is the only one there that knows the guidelines, loan programs. I believe the time will come when it will be all internet but that time is years away still.
A honest truthful broker who is fair on pricing and offers great personal service, and does what he promises will be successful.

By the way, I did away with processors in my office. No one cares more about the loan than the LO. I process my own loans, and carry about 15-20 per month in the pipe. I close most loans in under 15 days. I do spend about 65-70 hours a week in the office.
Just my thoughts but it works for me.

MOD. Please Correct Spelling in Subject Line - Posted by Patrick S. Lawson

Posted by Patrick S. Lawson on July 11, 2007 at 17:16:03:

Thank you.