Posts Tagged ‘questions’

Questions you may have about Mortgage Loan Inspection®

Q. How many companies are out there like yours?
A. None, we are the original company that came up with the process and secured the name with the
USPTO and had our program copy written.
Q. Why don’t you have any competition?
A. Because of registering the names of Mortgage Loan Inspection® and Mortgage Inspection® plus all
the copyrights and the price we have placed on our service.
Q. How long have you been in business?
A. 3 Years
Q. How did you begin? What was your driving force?
A. We began development starting in late 2004 and began test marketing the program in September of
2007. Understanding what was taking place in the mortgage industry and seeing consumers being
mislead by unethical lenders was the driving force behind the creation of the company. We
wanted to stop predatory lending and the practices of Loan Officers around the country were using
with consumers. It was also about the loan program too. Consumers never had any idea what they
where signing up for or even what type of loan they were even getting. The worst part was seeing the
last minute changes at the closing table where the rates were higher than first quoted and the fees had
tripled. It was wrong and the public needed to be educated about how the industry operates.
Q. What about sites like lending tree that offers client’s multiple loan quotes from mortgage companies?
A. Lending Tree is no longer a loan comparison site where lender’s bid for giving the client’s the best
rate, terms, etc. anymore. They are now a full service retail lender using the ploy or unethical lending
practice that the site has not changed their mission. In fact, they now use a graph to compare deal you
are getting and show their lender is the best not telling the consumers they are the lender as
demonstrated in their new Advertisings campaign. They try to copy what we do but truly deceive
consumers in the process where we are an unbiased third party vendor working for the best interests of
our clients. (See News Release Attached)
Q. How much does the service cost?
A. Only $295.00 which is refundable if the client’s loan does not close or listed on the HUD.
Q. Is there a guarantee of using your service that a client will get loan?
A. No, it all depends on the consumer’s credit scores and ability (Money Saved) to purchase a home.
Q. What about if they have bad credit?
A. We work with your client to help them clean up their credit legally for free. The same as any consumer
can now go on line and object to incorrect information in their file or show them how to reestablish
their credit rating in a year. Once their credit has been cleaned up and they can now qualify for a
mortgage based on the credit score guidelines we refer them back to the original company that referred
them to us. It does not matter if it takes a month or 2 years, you will always get your client back
regardless.
Q. Have you ever had a mortgage broker try to take advantage of a client and were you able to stop them
before it happened?
A. No. Since the loan officers are aware their client is working with a service looking out for their best
Interests, loan officers everywhere have a tendency to be very cooperative.
Q. Real Estate Agents are accustom to their own Loan Officers, why they would want to have their clients
use your service?
A Trust that they are looking out for their clients best interest plus we are able to get a deal closed in a
faster period of time. Beginning the 1st of April 2011 the Mortgage Lender’s compensation will
change saving overhead fees.
Q. How do you feel you can make a difference in the sales process?
A. Knowing the Real Estate agent has a client who has complete loan approval before showing them a
home will save them time and money. Additionally, knowing that when they make the offer to the
seller they can say their client have conditional loan approval.
Q. How long does it take for you to assist a client with putting together their entire loan package?
A. Generally no longer than 3 days from start to finish.
Q. Do you explain the difference between loan programs? The Pros and Cons?
A. No we do not. That is the job of the licensed loan officer to discuss which program best suit their
clients’ needs and current financial situation.
Q. Aren’t you doing the Loan Officers job?
A. No, not in any way. We provide education, guidance and support.

Q. What makes you better than a loan officer when helping a client?
A. Giving the client an unbiased opinion.

Q. How will we benefit by using your service?
A. Smoother transactions, on time closings, no surprises at the closing table and more Leads.
Q. How many new deals can we expect to gain by using your service?
A. We have seen increases by as much as 30% of Open House Client retention and new referrals.
Q. What does your Client Marketing and Services Division do?
A. We contact the clients after the closing to see if they were happy with our service and at that time our
marketing sales representatives will solicit the clients for both new home buyers, sellers and people
who want to refinance their present home.

Q. How can we get more referrals for the Real Estate Company and the Bank?
A. Using our service sends a strong message to the clients letting them know you really care about their
wellbeing. This in turn will lead to more quality referrals for both divisions.

Q. We are required to hand out business cards of multiple Mortgage Brokers and Home Inspectors. Since
you are the only type of business in the country like yours then how can we knowingly only handout
your card?
A. There are 2 ways in doing this. First by having a Business Affiliation Agreement (Appendix D to 3500
Affiliated Business Disclosure Statement.) or by signing up your company up as a reseller of our
services on a regional basis.

Q. Have you ever had a deal not close when it was approved and already at the closing table?
A. No because the clients were prepared for the closing and knew ahead of time that the interest rate
they were promised and the terms of closing did not change.

Q. Are you attorneys?
A. No. We do not provide any legal advice. If a client wishes to have legal representation we always
highly recommend it.

Q. Do you provide Legal advice?
A. No. Only attorneys can provide clients with legal advice or representation.
Q. Do you provide Financial Advice?
A. No we do not. We do have a budget analysis program which is used for educational purposes.
This program is designed to help consumers understand their current outgoing expenses with both a
proposed mortgage payment and their current mortgage payment or rent payment. It helps to show
them how their current financial situation will change.
Q. Is your Agency required to be licensed?
A. No. Since we do not provide any legal or financial services or act as a loan officer in any manner we
are not required to have license to do business in any state. We have contacted numerous Banking
Divisions such as the State of New York’s Department of Banking, which has the toughest rules and
regulations, and asked for permission to do business in their state and advised us as long as we are not
acting as a loan officer in any manner; the State of New York welcomed us and stated “Where were
we 5 years ago before we got into all this mess”.
Q. Have you ever had any complaints filed against MLI on the BBB or Attorney Generals Offices?
A. No.
Q. What do you advise the client about in purchasing or refinancing a home?
A. The entire mortgage process and what information will be required by the lender for quick loan
approval and a smooth loan closing without any surprises.
Q. Do you help the clients with filling out the Application Documents?
A. No, that is the job and responsibility of the licensed loan officer. We just help the client prepare the
package of information the Loan officer is going to need to process the loan.
Q. Do you refer clients directly to lenders?
A. No, we use an unbiased opinion since each lender offers the exact same loan programs. A lender who
is willing to put their offer in writing, provide the closing costs amount and lock the loan at the best
rate for their credit rating is the one we recommend.
Q. Do you have any exclusive business relationships with any lenders in the US?
A. No
Q. How long does it take to process a client’s file?
A. Generally 3 days
Q. Do you come to the closings?
A. No
Q. What documents do you review before closing?
A. The Mortgage Note for the Interest Rate, HUD-1 or HUD-1 A for total Closing Costs and prepare a
complete report and provide it to the consumer.

Q. Is the client required to pay the fee for your services up front?
A. No, it can be paid at closing on the HUD-1 or by either the client or listing Agent or as part of the
sellers closing cost concession. It can also be paid for by credit card.

Q. How many Loan Inspectors do you have working for you at the present time?
A. 25 with 20 more ready to join in at any time.
Q. How do plan to handle a large influx of new business being sent your way?
A. We have over 1500 unemployed former underwriters, processors and Account Representatives in our
area alone looking for full work.
Q. How does your referral program work?
A. At open Houses in gain new clients, soliciting after the closing, phone calls and off the internet site.
Q. How many years has the management staff had in the mortgage and Real Estate Industry?
A. Over 70 years of combined experience.
Q. What type of problems have you run in to in the past dealing with Real estate agents or Mortgage
Lenders?
A. Communication problems between the Realtor and Lender, not with us.
Q. How involved do you get in the mortgage transaction?
A. Only with preparing the client for the mortgage process and making sure what was promised to them
shows up at the closing table.

Q. How hard is the program to sell to clients?
A. Very easy. The program virtually sells itself since it makes sense in today’s market place.
Q. How much training is needed by our agents or loan officers to sell your product?
A. Less than 4 hours but in most cases, we are able to teach it in less than 2 hours.
Q. Do you pay any referral fees to the Real Estate Agent?
A. We cannot pay a real Estate Agent directly. We are only able to pay the Broker.
Q. Can the Real Estate Broker be paid a fee for referring business to your company?
A. Yes. Provided they have had their clients sign an Affiliated Business Agreement.
Q. Are there any other legal disclosures that a client has to sign concerning an ABA?
A. No.
Q. How quickly can this program be implemented into our present business model?
A. In less than 2 weeks
Q. Is there any contract that needs to be signed between MLI and our Company?
A. Yes, an Independent Contractor Agreement
Q. How can we get paid a referral fee if we can accept a fee for selling Home warranties?
A. The business would have an Affiliated Business Agreement and ICA
Q. How many years is the contract good for?
A. One year. The IRS requires that a new contact must be signed once a year to meet the Independent
Contactor Status.

Q. Will any other Real Estate companies be able to sell your product in our territory?
A. No
Q. Is your contract a Franchised or Distributorship contract with guarantees?
A. No
Q. How long will it take to train our entire staff and agents on your program in the states we presently
doing business in at the present time?

A. It will have to be done office by office or by one large online web seminar for the managers who in
turn teach their Agents or we can personally assist in training each office and Agent.

Q. If we expand in to other states will we be able to sell your product in those states also?
A. Yes
Q. Given the new Federal Reserve Board’s new rules and guidelines if they change any of the rules will that affect the way you are able to perform business?
A. No
Q. Why is this program so important for our company to sell?
A. You would have the opportunity to take the lead in customer service and care in your areas
Q. Why did Century 21, Better Homes and Gardens, not signed on with your program yet?
A. We have not approached them
Q. We prefer to see how other companies do with your product before committing ourselves?
A. we have referral letters from other real Estate companies and Lenders who have worked with us and
not one complaint, only praise.
Q. What obligations do you have to your client and the companies you work with?
A. To give a straight forward unbiased opinion to them.
Q. If we sign on are we committed for a long period of time with your company?
A. As long as you want. If you are looking for a longer term or condition that can be discussed.
Q. What Marketing materials will you provide us to market your product to our clients?
A. Brochures, benefit sheets and business cards.
Q. How will we know you are not taking referrals from us and giving them to other Realtors or Lenders?
A. Our books are always open. We do not do business in that fashion. We still believe in loyalty.
Q. The Inspectors, what qualifications do they have prior to working for your company?
A. Only former Underwriters, Processors, Wholesale Account Representatives.
Q. Are there any costs to our company to doing business with you?
A. None
Q. What do you believe is a reasonable time table to have your program up and running in each of our
offices?
A. 2 to 4 weeks
Q. What if an office is not interested is using the program? Does this affect us?
A. Because some of your locations are franchised and some company owned, it would be the decision of
the broker in charge. It does not affect our relationship if every location did not come on board
but like any good business we would like the opportunity to work with all of them.