Always Reveiw All Your Options
Commercial loan brokers usually have relationships with a multitude of banks and lenders. This allows them to cater to the specific needs of each borrow. To properly help their diverse clientele, brokers should be well-versed in the requirements for all loan types which they offer. They should also be able to price the loan out with a variety of lenders in order to help the borrower put together a comprehensive application.
Depending on the state you are financing in, the broker may or may not be required to be licensed by the National Mortgage Licensing System and Registry (NMLS). Be sure to review the NMLS Consumer Access website for further information on your state’s mortgage broker requirements.
Once they’ve received different offers from various lenders, the broker will then review the different options with the client. Together, they will decide which lender to move forward with.
The process of comparing different loan options can be painstaking since lenders usually have unique requirements. LoanBase’s proprietary technology enables mortgage brokers to review, with certainty, the odds of each borrower’s application being approved and funded, saving you and your broker much valuable time.