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Special Reports
Broker to Banker
Stewart Provides Product Support to Aid Transition
By Amilda Dymi
HOUSTON --As more mortgage brokers are operating as both brokers and bankers,
Stewart Mortgage Information said it is supporting the trend through a new suite of bundled "origination and
post-closing products and services" that assist the transition from broker to banker.
"We know there are many mortgage brokers out there who want to operate as
mortgage bankers and gain more control over their business," said SMI president and chief operating officer
Kevin Gugenheim. "This new offering is in response to a significant movement in the lending industry."
Responding to demand, SMI - a provider of electronic mortgage documents, title,
closing and funding fulfillment services, along with warehouse lines, investor delivery and trailing document follow-up
- is bundling its products and services to fit broker needs.
"Many of them lack the personnel and the expertise to handle the required
additional administrative workload necessary to gain access to a warehouse line," Mr. Gugenheim said, so SMI
has designed "a one-stop, custom service and product bundling that provides exactly what a broker needs to
transition to a mortgage banker."
This offer provides brokers with the convenience of the one-stop-shop as well
as with other benefits such as variable loan cost options through one single source that is necessary for a broker's
transition. It allows brokers to "concentrate on what they do best - originate loans," he said.
He also believes that the SMI product suites help warehouse lenders and correspondent
loan investors to be comfortable when transferring loan file information because the data "have been viewed
and validated by a trusted source."
SMI has stated it will help brokers move faster into the banker's marketplace
through custom-designed products and service offerings that are designed to enable brokers to fill in the information
and service gaps also through technology solutions. Options include real-time information updates, image-based
tools, Internet-based solutions and service integration customized to their individual needs with features such
as flood zone determination tools, credit reports, appraisals and alternative valuation products. The product menu
includes a variety of services it has offered over the years.
"By working with SMI and its affiliates, the mortgage broker has the opportunity
to operate as a mortgage banker," the executive noted, while being more competitive in the market.
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