Frequently Asked Questions
Are your rates accurate?
Our rates are very accurate. We create our own pre-qualification engine for each participating lender based on the lender's own guidelines and matrices. Each lender's rates are refreshed to reflect changes as they occur. Since BrokerBuddy service is a pre-qualification's service not a pre-approval, we do recommend that you contact the lender's representative before you submit your loan for final approval. Your lender's rep may be contacted through the BrokerBuddy AE Contact link.
Is this software accurate in all 50 states?
Yes it is. You will be prompted to enter the zip code in which the property is located and will be given state specific (or sometimes city specific) pricing and programs.
Can I use your service through my LOS?
Yes you can. We are integrated with Calyx, Ellie Mae (Encompass), Loan Ace and Mortgage Dashboard. By using us through these services you can downloan your 1003 straight into the search engine, auto populating most of the fields, saving you even more time.
Once I sign up is there a waiting period before I can use the BrokerBuddy service?
No, you will have instant access to all programs and lenders in the BrokerBuddy network. You may begin searching the instant you decide to join.
How much will BrokerBuddy cost?
The cost for the BrokerBuddy service is detailed on the sign up page and recorded on your purchase receipt. Billing is done on a month to month basis from the date you join or your trial expires. There is no long term commitment and the service may be canceled at any time. Volume discounts are available for multi-user groups. Please call us for more details at 1-866-955-5915.
Is There A Long Term Commitment?
No there is no long term commitment. We are very confident you will love our service and decide to retain your membership without forcing you to do so. BrokerBuddy memberships may be canceled at any time during or after the trial period with no additional penalty. Membership billing is done on a month to month basis.
Is this software Internet based?
Yes, as a web based application it is designed to be accessed from any Internet connection 24/7.
How do I shop for commissions (YSP)?
Each search scenario returns specific rates at PAR or your chosen level of YSP. Most lenders limit YSP under many scenarios such as with no pre-payment penalty, and other factors. The BrokerBuddy results screen will display pre-qualified lender programs, accurate rates with all applicable adjustments and YSP included, in one easy to read screen. This allows you to find the best rate for your client along with the highest commissions for any given search. It is quite common to find an additional .5 to 1 point on any given loan search based on the number of lenders and programs searched and all the possible combinations of rates and YSP allowed by each participating lender.
Do you limit the number of results that will be displayed for a search?
BrokerBuddy will display all possible results for all specific searches. Since the pre-qualification is accurate, remember that a simple parameter change or omission can severely restrict or eliminate your ability to find matches. Please make sure each field is filled out accurately, and use our system to edit and rerun each search with adjusted parameters to find other possibilities for your client (such as trying combo loans, lower LTV's different documentation types, etc.)
Can I choose my lenders?
BrokerBuddy has the ability to limit what lenders will be used to give search results. However, we highly recommend that you keep all lenders checked to provide the best results for your searches.
What should I do if I don't know the information to fill in your search fields?
The BrokerBuddy system requires a certain amount of information required to receive accurate pre-qualification across our multiple lenders. These loan parameters can be found through a conversation with your client regarding their potential purchase/refinance, and through your client's credit report.
Once I receive a pre-qualification, what is next?
At this time BrokerBuddy is separate from the loan submission process. If you find a loan match to your search, and you are an approved broker with the matching lender, you would continue with the loan submission process as you normally would without BrokerBuddy. If, on the other hand, you are not an approved broker with a matching lender, or see a lender with better rates than your current affiliated lenders, we suggest you contact the lender directly to become an approved broker for that and future loan submissions.
Why do I not get any results when entering a loan scenario?
BrokerBuddy was designed to provide accurate pre-qualifications to your specific search parameters. Several factors may severely limit your ability to get results. Such as No Doc programs, high LTV to low credit score combination, unique loan combo types, and other factors. Our system was designed for you to edit each search and re-run them with modified parameters (doc types, LTV's, DTI, combo types, etc.) to indicate different ways to find additional matches to your scenarios.
What happens if I lose my login?
If you have lost your user name or password or can't remember them, you may contact us at 1-866-955-5915 or you can use the utility on the login page.
Where can I update my account information?
If you would like to update your password, name, email address, or any other account field, please click on the link "Update Account Profile".
How can I see billing information about my account?
To see up to date current information about your account, please click on the link called "Billing / Membership". From there, you can add or change your billing preferences.
How do you distinguish me from other accounts?
Each client is issued a unique user name and password which will be used to login to the site.
|