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Short Sale help for Mortgage Brokers
[June 5, 2008] by Broker-Trainer
Filed under: Mortgage Broker Training, Short Sale help for Mortgage Brokers

How to increase your file fee by 10 times

Are you settling for $3000-$4000 per loan? If you are, you are still making your money originating loans for borrowers and refinance clients.

Did you know there is group of mortgage brokers and loan officers secretly making 10 times the normal file fee for a loan with defaulted mortgages? You see, the big money in the mortgage business is no longer being made by originating loans. The big money is being made with defaulted mortgages. They don’t teach you this in any mortgage broker schools or mortgage broker training classes.

These mortgage brokers are collecting huge checks by discounting defaulted mortgages known as short sales. A Short Sale is when a lender accepts less than what’s owed on the mortgage. The process for completing a short sale is very similar to what you or your processor have been used to. You collect the financial docs from the homeowner, you submit them to the lender with your offer and short sale package, and you collect a big check.

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