Mortgage Loan Funding
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Linda Said:
How much is a residential mortgage contract underwriter paid per loan?We Answered:
Most underwriters are paid a salary based on their experience. Also most are paid a commission based on the same seniority and the number of loans that are closed by them each month.The salary varies from lender to lender as do the commission. A good underwriter that has completed DA Underwriters classes would demand more of a salary than one that has not.
Commissions could be from $75.00 per loan closed to $200.00 per loan closed. Most loan underwriters should be able to close a minimum of 5-10 loans per month.
The volume would depend on certain circumstances like the advertisement and marketing of the mortgage company, the loan officers ability and experience. If the mortgage company is authorized to underwrite and do government loans such as VA and FHA mortgage loans.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
Darrell Said:
How does the federal funds rate effect mortgage loan?We Answered:
It wont affect it, sometimes it can make it worse. Mortgages are sold like Oil, or Corn ect. They are sold on the open market. If China, Japan ect decide they dont want to buy mortgages anymore the rates go up.The Fed doesnt control mortgage rates. The people that buy mortgage backed securities do.
People that think the Fed controls mortgage rates are wrong. Its like thinking the feds lowered mortgage rates and now the price of corn should go down. Its the same thing.
Its purely a market decision not a fed decision.
Tracy Said:
What is the difference in a mortgage loan being funded and a loan being recorded?We Answered:
Funding means the money for the purchase has been received by the title company from the buyers mortgage company. After that, the funds get dispersed to the various parties that need to be paid from the escrow account, and the it gets recorded. There's usually a delay of about a day between funding and recording. Sometimes recording can happen the same day, and sometimes it takes a couple days.Once the loan is funded, you're pretty much home free, if you're concern is that it might not close. After the money is received, recording is just a formality to finalize the closing.
Jacob Said:
Mortgage loan from America's First Funding Goup?We Answered:
I started working with them, but I switched later on. Nothing bad, just preffered http://www.newprimehomeloans.com more. NewPrime went WAY out of their way for me, and called me daily to update me. I dunno, I just liked them better, but I don't have anything negative about AFFG. Go here; http://www.bbb.org to verify if they are members of the better business bureau.Gabriel Said:
How does a mortgage holder get out of PMI payments on their mortgage loan?We Answered:
PMI protects the lender in case your loan goes into default. The only way to have it removed is when you owe less than 80% of your home's value.Marion Said:
is there a mortgage company that loan funds to people with bad credit?We Answered:
Hi, you seem to be not only looking for a way to help yourself, but also others as well, which I highly commend you for. Helping others is truly the best way to help yourself get what you want out of life. "You help enough other people in life get what they want, and you will get what you want and more." I wish the best for you and yours.I don't know if you have been mortgage shopping or not but I do know, knowing what your limitations are will help you get exactly what you need. With that being said I would like to let you know about a site where you might just be able to get what you are looking for. Bestnetlenders.com is an independent marketing consultant company on-line who has over 1600 lenders that offer commercial and residential mortgage products. They have a team of experts that handle even the most complicated mortgage situations. Bestnetlenders.com has a 90% approval rate, and only requires one credit inquiry. There is a wealth of information on there as to what they offer and other great resources that might also be helpful to you. You will have access to the big company name lenders everyone has heard of, and the little private name lenders not many has even heard of. A private lender could get your application and really be able to work wth you to get you exactly what you need and at the price you could afford. That very reason alone is why Bestnetlenders.com has such a high 90% approval rate, and why credit score does not matter. I truly hope this information really helps you, and I wish the best for you and yours. Good Luck!