Broker Guidelines

A mortgage broker that works with Bank of Internet USA normally works with the buyer and communicates with them as to the bank’s normal lending criteria. To work with Bank of Internet normally you must be licensed. All states regulate lending practice and licensing, and the rules vary for commercial lending. You are responsible to insure you comply with your specific states requirements. You will initially act as a liaison between us and your client. However upon acceptance of our Letter of Interest or Quote Letter to move forward, we will become the lead communicator with your client. You will be always in the loop so no need to worry, you are our partner. Normally here are the basic procedures to follow and the documents you must provide the Bank:

LOAN APPLICATION THROUGH FUNDING OVERVIEW

The following steps summarize the procedures followed throughout the loan process including funding. This information should assist you with the loan process.

You gather "Key" documents from Borrower to analyze Income/Expense ("IE") information. We will provide you with a list of items that are specific to your loan request.
We will review the documentation and issue a Letter of Interest or Quote to you referencing the transaction.
If accepted we will request a completed Application plus any requested Deposit from your client. This will initialize the loan processing function.
We will provide you and your client a "Needs List" outlining documents, etc. needed to process the loan.
We will coordinate with you to open title and escrow, and coordinate with our third party vendors for entry onto the subject property. Your assistance with our third party vendors will ensure timely entry to subject property and completion of applicable reports.
We will keep you abreast of all activity and timing for third party delivery, issues noted, documents needed and more. All communication will be via the web and/or e-mail.
Upon review and acceptable of all *terms and conditions of Loan Commitment including you may communicate with your client to ensure accuracy and acceptance.
Loan documents will be ordered and set for funding. The loan should close in a timely manner and all funds will be distributed to you and your client.

Broker Forms

For Broker documents, please refer to the Downloads page.