LYCOS RETRIEVER 
Mortgage Broker: Lenders
built 494 days ago
MortgageBrokers.com is a mortgage brand and technology firm. The Company is dedicated to re-branding the over 40,000 small and medium mortgage broker (SME) firms in North America while providing these entities scalability through a centralized shared services platform. MortgageBrokers.com is designed to facilitate continued ownership for these SME brokers while they work under the umbrella of one globally recognized brand. The Company provides centralized services in the areas of payroll and accounting, compliance, marketing, technology, HR and lead generation to afford its brokers improved access to potential customers through strategic alliances and partnerships. MortgageBrokers.com ... provides its national team the opportunity to leverage origination with lending institutions, establish higher referral fees from lenders, and give its team members the ability to earn ownership in a publicly-traded entity with the goal of an eventual career exit strategy.
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A mortgage broker is a middleman between the home buyer and the various lenders so therefore they need to use all of their mortgage tools to their advantage. A mortgage broker is ... someone who is affiliated with multiple lenders. This helps the homebuyer because then their credit wouldn't have to be pulled more then once. The mortgage broker would pull the credit then shop it around to the lenders that are more then likely to say yes. By not pulling credit that often then the buyer's credit score doesn't get affected that much.
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Headquartered in Atlanta, GA, INFO1 employs state-of-the-art technology to deliver credit information products to mortgage lenders, brokers and other businesses in the mortgage industry. INFO1 reported assets in excess of $7.4 million at June 30, 2003 and gross revenues of $30.9 million for the first six months of 2003. INFO1's results are expected to be immediately accretive to LandAmerica. LandAmerica has agreed to pay approximately $47 million in cash to acquire 100% of the outstanding stock of INFO1.
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The nature and scope of a mortgage broker's activities varies with jurisdiction. For example in the UK anyone offering mortgage brokerage is offering a regulated financial activity; the broker is responsible for ensuring the advice is appropriate for the borrowers' circumstances and is held financially liable if the advice is later shown to be defective. In other jurisdictions the transaction undertaken by the broker may be limited to pointing the borrower in the direction of an appropriate lender and no advice given.
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Until a few years ago the mortgage calculator was the sole remit of the major high-street banks, lending institutions and brokers. Consumers could estimate borrowing limits and repayments based on their income in general terms but had no real access to a detailed mortgage calculator. Getting all the options would involve actually talking to a mortgage lender or broker. This added up to much time and effort spent on meeting with lenders, talking to them on the phone or trawling through brochures and fact sheets.
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In the charges filed against the others, in late-1999/early-2000, Fitzgerald went into business with Abrams in a mortgage brokering company called Desert Pacific Financial, Inc. (DPF). The company sent mortgage loan applications to lenders for review and funding, and received commissions from those lenders when the loans closed. In late 2001, Fitzgerald and Abrams renamed the company Beverly Hills Estates Funding, Inc. (BHEF).
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