Posted by maddieNJ on 9/10/07 2:30pm
Msg #210172

Mortgage Brokers

I've been doing closings since 2001, but have always marketed to title companies... I hear some agents talking about marketing to mortgage brokers... forgive me if I sound dumb, but don't brokers need to go through a title company for closings? Anyone have success marketing to brokers?

Reply by ME/NJ on 9/10/07 2:43pm
Msg #210179

I can count the closings on 1 hand from MB's over the years. TC will hire either a SS or Notary for the closing. The only way a broker will call you is if the TC cannot find a notary or has a very last minute deal @ EOM. Getting payments when hired through a broker will also be a PITA.

Reply by Charles_Ca on 9/10/07 3:01pm
Msg #210186

As a mortgage broker I have to disagree, at least that

is not the way I do things. Since I do my documentation in house I try to use notaries I know and they are listed on the closing statement and balance sheet (the old name but then I'm an old guy) and they get paid out of escrow: when escrow closes and the notary gets paid in the amount of time it takes to stick the check in the envelope and have the post office deliver it. YMMV but that is the way I work. I also know others who work that way. May I suggest that if you want to try to market to mortgage brokers you do so to local, smaller ones since the business is more personal, and find those that are in the business to stay. There are so many mortgage brokers who only care about the comission. I have lots of repeat business and my business plan caters to long term relationships both with clients and vendors. Good Luck!

Reply by Ducky/FL on 9/10/07 3:42pm
Msg #210191

Re: As a mortgage broker I have to disagree, at least that

Had a call from a TC for closing. Didn't get it! MB had their own SA.

Reply by Ilene C. Seidel on 9/10/07 4:04pm
Msg #210197

Re: As a mortgage broker I have to disagree, at least that

True I don't get a lot of work from Mortgage Brokers when I do I've always been paid. My MG's know I'll exhaust every avenue not to loose a loan.
The signing companies are the problem, no state regulations, not MB

Reply by jba/fl on 9/10/07 4:32pm
Msg #210203

Re: As a mortgage broker I have to disagree, at least that

I have MB's request me, then I get the job. Don't have many, as Charles pointed out, many in are bus for comm. only. Mine are long term, and I love these relationships.