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Home > Financial Services > Mortgage Brokers > Countrywide Commercial
Countrywide Commercial
A Mortgage is a document that contains the details of an agreement between two parties. One of which is a borrower and the other party is a lender. The Agreement will include information like, Loan amount, Time period of the loan, Interest and the collateral on the loan which is normally the property being bought. A mortgage broker is generally a person or company whose expertise lies in the field of mortgage laws, properties available for sale, and loan procedures. They provide these services to clients for a fee which is usually a percentage of the loan or property amount.
To make certain that the right people get rewarded for giving them the opportunity to secure Commercial Mortgages for your clients, they have put together a referral fee program for residential mortgage brokers that is completely fail proof. All that they require is a name and phone number, they will do the rest. In exchange, they will pay you 25 percent off the fee collected by your client. In order to get paid you must provide them with an email address so they can send you a computer generated Referral Fee Agreement and also so they can keep you up to date with the status of your referral.
Referral Fee's are paid to the Mortgage Broker License or Mortgage Broker Business License and will be treated as independent contractors, which means that you will be receiving a 1099 at the end of the year. After the referred loan has closed and their fee has been collected, it will punctually be deposited into Countrywide Commercial Mortgage Brokers, Inc business account. When funds have cleared their bank they will immediately pay the referring source. Business licenses and social security numbers will be required at time of disbursement.
Once the lender has done the necessary underwriting and obtained a formal approval, the commitment letter will be drafted. One last meeting to sign the commitment letter. At this time the lender will require a good faith deposit so that they can order the appraisal and any other third party reports that may be necessary. Every dollar that is collected will be credited to your closing cost's. Appraisals and any other third party reports that are needed to close the loan will be ordered. Closing attorney's will be notified and closing will be scheduled.
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