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Mortgage What is a Mortgage A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear. Mortgages are also known as liens against property or claims on property. If the borrower stops paying the mortgage, the bank can foreclose. In a residential mortgage, a home buyer pledges his or her house to the bank. The bank has a claim on the house should the home buyer default on paying the mortgage. In the case of a foreclosure, the bank may evict the homes tenants and sell the house, using the income from the sale to clear the mortgage debt. Mortgages come in many forms. With a fixedrate mortgage, the borrower pays the same interest rate for the life of the loan. Her monthly principal and interest payment never change from the first mortgage payment to the last. Most fixedrate mortgages have a 15 or 30year term. If market interest rates rise, the borrower’s payment does not change. If market interest rates drop significantly, the borrower may be able to secure that lower rate by refinancing the mortgage. A fixedrate mortgage is also called a “traditional mortgage. With an adjustablerate mortgage (ARM), the interest rate is fixed for an initial term, but then it fluctuates with market interest rates. The initial interest rate is often a belowmarket rate, which can make a mortgage seem more affordable than it really is. If interest rates increase later, the borrower may not be able to afford the higher monthly payments. Interest rates could also decrease, making an ARM less expensive. In either case, the monthly payments are unpredictable after the initial term. Other less common types of mortgages, such as interestonly mortgages and paymentoption ARMs, are best used by sophisticated borrowers. Many homeowners got into financial trouble with these types of mortgages during the housing bubble years. When shopping for a mortgage, it is beneficial to use a mortgage calculator, as these tools can give you an idea of the interest rates for the mortgage youre considering. Mortgage calculators can also help you calculate the total cost of interest over the life of the mortgage.

Choosing A Mortgage Net Branch Affiliate When an experienced mortgage broker starts looking at the interesting opportunities in becoming a mortgage net branch operator, there is one question that is consistently asked often more than any other: Is it better to become an affiliate branch for a direct lender, a mortgage broker or a bank? To answer that million-dollar question, lets take a quick look at the pros and cons of affiliation with each of these institutions. Direct Lender, Mortgage Broker or Bank? First of all, lets take a quick look at the statistics. According to the industry stats, banks- including Federally Chartered banks- are most likely to fail in the current economy, coming in with a whopping 84% failure rate. Direct lenders and mortgage brokers are doing far better these days, with lenders at a satisfyingly low failure rate of 12 percent, and the percentage of failed mortgage brokers at a mere 4 percent. What does this mean in terms of mortgage net branch affiliation? Common sense says that the best bet is to affiliate with the companies least likely to fail. Here, the direct lenders and mortgage brokers clearly win out over any type of bank. Another effect of the straining economy is the tightening up of the credit score standards and hiring restrictions for loan officers and mortgage brokers who wish to work with an affiliated company under the net branch system. Among other hiring restrictions, banks and direct lenders are required to veto the hiring of anybody with a credit score lower than 620. Because mortgage brokers are only limited by state guidelines, which tend to follow more relaxed standards, mortgage brokers and loan officers looking to get in on a net branch opportunity will have a wider range of options available to them, and will likewise have a larger pool of talent to recruit employees from. Within the net branch structure, loan originators are also significantly more limited in their product offerings and constraints when working for a direct lender or bank. Mortgage brokers have a wider range of options and fewer constraints because they arent stuck with one particular lender. In terms of flexibility, the mortgage brokers seem to be nosing out both banks and direct lenders. So far, the score seems to be banks at zero, direct lenders at one, and mortgage brokers in the lead with three affiliation plus factors. Neither banks nor direct lenders are down for the count, however. Direct lenders and banks do typically give their affiliated net branch companies better access to loan underwriting than mortgage brokers. Although internal company structures can vary, that does gives banks a much needed plus factor to get their affiliation score above the zero mark, and puts direct lenders back in the game with the mortgage brokers. On the other hand, mortgage brokers generally get lower pricing than is available to the loan officers working with direct lenders or banks, giving net branch loan officers affiliated with brokers an edge over the competition. Although it hasnt always been the case, current loan closing stats indicate that mortgage broker affiliated officers are closing loans more quickly than those affiliated with direct lenders or banks, and receive payment on the loans they originate more quickly as well. The bottom line seems to be that although all three institutions have some advantages, the best bet for a successful net branch company is affiliation with a mortgage broker.

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