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Special Reports
Broker or Banker: Is a Step
Up Right for You?
Transition Boosts GHR's BOS
WAYNE, PA -- GHR Systems Inc. here has gotten considerable traction from mortgage
brokers turning to its BrokerOneSource Web-based portal to make the transition to mortgage banker.
The value proposition for the broker when using BrokerOneSource is that it is
truly one source that can get the relevant information out to a number of lenders without the broker having to
call each lender one at a time or visit websites individually and send the same application out several times over.
The Web-based portal is designed to consolidate the process.
"The process takes about five minutes," said Steve Jordan, product manager
for BrokerOneSource. "It's one screen that the broker enters his or her information and screens the information
against each lender's requirements."
On the flip side, BrokerOneSource also services the lenders during this process.
"There's two sides to the process, actually because on the lender's side they can run a fraud detection product
to screen the broker on their end as well as view all the financials needed," Mr. Jordan noted.
At present, BrokerOneSouce boasts participation from 1,600 brokers and their existing
list of lenders include Charter One Bank, Chevy Chase Bank, American Home Equity Corp., RBC Mortgage, MILA, UB
Mortgage, Specialty Mortgage Corp. and Bay Capital Corp.
GHR's goal is to get between 5,000 and 6,000 brokers onboard by the end of the
year and attract additional lenders as well.
"With BrokerOneSource you, as the broker, only have to deal with the one
source that will in turn send your information out to a number of lenders on your behalf for you and send you back
the results electronically," according to Mr. Jordan. "It acts as a one-stop shop essentially."
The delay in RESPA has slowed down the transition from broker to banker in GHR's
opinion, but is ready to facilitate the transition on behalf of brokers as the need arises. "If RESPA is passed
at some point, I think there would be a lot more talk about this transition," said Mr. Jordan. "Right
now we provide all the services necessary to make the transition and are happy to offer them to the broker free
of charge in one location."
BrokerOneSource is a product of GHR Systems Inc., a provider of mortgage technology
and support services. GHR's solutions combine business process, hardware, software, communications and back-office
lender support. GHR seeks to standardize technologies and functional analytics, simplify interface requirements,
and reduce distribution delivery costs through all channels of distribution.
GHR also maintains lender products and pricing throughout those channels. Going
forward, the company plans to grow its services to include title and document preparation all through BrokerOneSource
by the end of this year. Credit, flood, AVM and other services are currently included and available for participating
brokers.
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