| |
| |
|
| |
Advantage
Broker | Advantage Lender | Objective
| Standard Program Components | How
Does The Program Work | How Much Does It Cost
| How Long Does It Take To Get Certified
| What About Annual Updates | How
Do I Get Started |
| |
| |
Sysdome, along with national secondary
market investors, leading wholesale lenders, mortgage insurance companies
and mortgage brokers has developed the first national standard system
for mortgage broker approval by wholesale lenders. This new program
is called the Sysdome TPO Certified Application Program. |
| |
| |
Participating mortgage brokers complete one universal application
accepted by all of Sysdome's participating lenders. The broker submits
the application documentation to one source, Sysdome. Sysdome performs
the review of all broker documentation, receives a credit report with
credit score, completes a background check and report, certifies the
broker file and issues an Sysdome U-9 New Registration Number. The
final step is to scan the broker file for availability to lenders
who the broker has authorized access. This scanned document program
will be available later this year. |
| |
| |
The Broker benefits by saving countless hours having to complete only
one application for all lenders. Owners of brokerage firms eliminate
the multiple inquires against their credit history, thereby improving
their credit score(s). The Broker no longer has to complete multiple
updates each year. Finally, Sysdome TPO Certified Brokers can expand
the number or variation of wholesale lenders they are approved with
by requesting Sysdome to submit their certified package to any or
all lenders participating in the Sysdome Certification Program. |
| |
| |
For the Lender the TPO Certification Program
reduces the overhead associated with approving, maintaining and monitoring
mortgage brokers. Lenders dramatically reduce the time it takes to
approve new brokers by using the Certified Broker Package created
by Sysdome. |
| |
| |
The broker approval process has never worked for the broker or lender.
The new Sysdome Certified Application Program changes that. For brokers
and lenders our TPO Certified Application Program is the most economical,
efficient and reliable way for brokers to become approved with lenders
and for lenders to approve brokers. The following explains the Sysdome
TPO Certified Application Program in detail. If you have any questions,
please contact Sysdome. |
| |
| |
To simplify and standardize the mortgage broker
application and allow brokers to use one universal application with
all wholesale lenders. To provide a structured, reliable and consistent
method for verification of broker information and documentation. To
use technology to create a quick and low cost method to distribute
broker approval packages electronically to any lender of the broker’s
choosing. |
| |
| |
- The TPO Certified Application Program
is made up of the following components:
- A single, standardized universal mortgage broker
application acceptable to all participating lenders.
- A duplicable and structured method for verifying
the information supplied on the universal broker application and
other documentation.
- One time collection of specific documentation,
i.e. license, E & O insurance, etc.
- Review of broker and operation through a national
database of specialized information and data.
- Request and receipt of a personal credit report
with credit score for the principal and/or operating owners.
- A certification of content of the broker package.
- Availability of the broker package through the
Internet with scanned document images for review or downloading,
available later this year.
|
| |
| |
|
| |
Standardization is the key. Sysdome has created the first industry
standard Mortgage Broker Approval Kit. The kit is a, multi-part brochure
that explains the TPO Certified Application Program. Within the kit
is a "Frequently Asked Questions" section, submission checklist, the
standardized mortgage broker application, a Broker Resolution, credit
and payment authorization and IRS W-9 form. |
| |
| |
The mortgage broker follows the submission checklist and completes
the application and schedules, signs the resolution, completes the
W-9, attaches copies of any professional licenses/approvals, d.b.a.
filings, E&O and fidelity bond insurance policies, resumes, current
financial statements and submits the completed package to Sysdome. |
| |
| |
Sysdome reviews the documentation for completeness; verifies the
broker’s license with the state or state records, orders a personal
credit report with credit score, verifies the E&O insurance, reviews
the key data file through Sysdome's national database, prepares a
background report, performs any extended services the lender has requested
and scans all documentation and findings into the Sysdome'system
for review by brokers and authorized lenders. |
| |
| |
IT IS IMPORTANT TO UNDERSTAND THAT SYSDOME IS NEITHER
APPROVING BROKER NOR TELLING THE LENDER WHO THEY SHOULD OR SHOULD
NOT DO BUSINESS WITH. SYSDOME PRESENTS A CERTIFIED BROKER APPLICATION
AND DOCUMENTATION, CREATED IN A STANDARD FORMAT WITH A STANDARD SYSTEM
ACROSS THE BOARD FOR ALL LENDERS AND BROKERS AND DELIVERS THE PACKAGE
IN THE MOST EFFICIENT, LEAST EXPENSIVE MANNER POSSIBLE. THE LENDER
IS THE SOLE DECISION-MAKER AS TO WHOM THEY WILL DO BUSINESS WITH. |
| |
| |
|
| |
Several payment options are available to Lenders
and Brokers. The basic TPO Certification Program costs just $95.00,
including one credit report and up to 3 licenses. Additional fees
consist of $5.00 for each additional credit report and $3.00 per each
license above the first three. If the Broker is already certified,
the Lender (with Broker's authorization) will be able to review and/or
print the certified package for only $10.00 (charged to the lender).
The TPO Certification Application Program replaces the time consuming
and costly approach wholesale lenders have employed in the past. |
| |
| |
|
| |
With a complete TPO Certification package most TPO's will receive
their certification number within 72 hours. If the TPO has their Sysdome
U-9 Number and complete Certified Package, the information is immediately
available. |
| |
| |
| |
Most if not all investors require that TPO's be reviewed once every
year. This is a time consuming task that generally does not get accomplished
in a timely manner. |
| |
| |
| |
Brokers can start today by downloading the TPO Certified Application
kit here. Complete all information
requested and return the completed package to Sysdome. We will do
all the rest. |
| |
| |
Lender, if you would like to accept certified application packages
from mortgage brokers, please contact
Sysdome for sign up forms. |
