Part 2: Mortgage Brokers Most UNPRODUCTIVE use of time

1. Participating in a broker “Daisy Chain”

2. Dealing with borrowers who are shopping their deal all over the internet

3. Submitting loan application to lenders with no idea whether or not the loan in question fits their criteria

4. Failing to run a title report and working a deal that has liens the borrower has not disclosed

5. Working a loan request where the borrower says he owns/controls the property but in effect he is not the ultimate decision maker.

I receive many loan requests/application from mortgage brokers where one or more of the above are present. At a minimum, save yourself wasted time and effort by finding out if the borrower actually owns/controls the property, if the property has liens the borrower didn’t disclose or wasn’t aware of, and if at all possible have the borrower sign an exclusive agreement. The time to find out these things is not after you’ve done 10 hours of work on the transaction!