Add Mortgage Finance To Your Services
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For real estate professionals only. |
| RubyGold Funding is committed to fully incorporating the advantages of a rapidly changing mortgage market and advancing technology for the benefit of existing real estate businesses by delivering its highly competitive mortgage services to their agents’ customers through its unique franchise program. |
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One-stop service capabilities. |
| Working for real estate offices that also own RubyGold Funding Finance franchisees, agents can substantially enhance their one-stop services by directly offering mortgage-lending services to their clients. And RubyGold Funding’s simple, streamline franchise system enables agents, for very little addition effort, to substantially increase their commission revenues. In addition, the incremental costs to the office to support mortgage lending under RubyGold Funding’s program are negligible. |
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Easy for agents. |
| The primary responsibility of the agent is simply to take the loan application. This service can become a major benefit for the agents because it provides them with excellent pre-qualifying information. In addition, agents establish much stronger bonds with clients, and they may still generate mortgage commissions even when customers buy FSBOs. Other services beyond the application must also be provided to be RESPA compliant but these are not unusual or time-consuming services (see RESPA issues below). Truly professional real estate agents are already doing more than required just to assure their clients receive efficient service. |
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RubyGold Funding does the heavy work. . |
| Regardless if your are working in a firm with 1 agent or 100 agents your firm can provide in-house lending with all the advantages of larger firms, but with none of the disadvantages. RubyGold Funding provides wholesale pricing, and once loan applications have been submitted RubyGold Funding Finance is responsible for all loan processing, identification of funding sources, loan approvals, and loan management functions for the real estate professionals. |
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Great income booster. |
| Commissions are set by the broker, as are splits between the broker and their agents. Agents earn 100% of the mortgage origination and rebate fees received for loans closed. Loan commissions are paid through escrow, the same as real estate sales commissions. |
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Training, training and more training. |
| RubyGold Funding provides high quality ongoing training to franchisees, without additional charge. Advancing technology has brought the availability of mortgage and real estate information to a new plateau. Today, virtually every client with a computer has immediate access to enormous amounts of current, comprehensive, in-depth market information. RubyGold Funding Finance’s training material and programs will equip real estate agents with the skills to provide professional mortgage services, and to keep up to pace with rapidly advancing technology. |
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Franchise Fees |
· Initial Franchise Fees:
The RubyGold Funding franchise fee structure is designed to insure that you receive real value for your investment. The initial Franchise Fee is $1,600
· Ongoing Franchise Fee:
Unlike most other franchises, there are no ongoing fees for royalties with RubyGold Funding.
The low Initial Franchise Fee is it - no other fees or costs. Period !
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Other Investment Requirements |
You will need to have a business office equipped with standard office equipment. For existing real estate agencies, the facilities utilized for real estate brokerage may also be utilized for mortgage brokerage therefore the incremental costs necessary to accommodate new RubyGold Funding business are minimal. In addition, because you are already operating a real estate agency that produces cash flow, you should have no need for additional working capital reserves in order to operate your RubyGold Funding franchise.
If totally new offices must be established to accommodate the mortgage business, you will need enough space for between one and four brokers (500 - 1,000 square feet). Your office should contain a conference room or other private area where confidential meets can be held with potential borrowers. If you be relying on the mortgage business as your primary source of income, you will need general working capital to cover you personal living expense requirements and the monthly cost to operate your new business.
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In the determination of whether payments to mortgage brokers are permissible under Section 8 of RESPA, the threshold question is whether there were goods or facilities actually furnished or services actually performed for the total compensation paid to the mortgage broker. In that HUD's letter to the Independent Bankers Association of America, dated February 14, 1995, HUD identified the following services normally performed in the origination of a loan: |
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Taking information from the borrower and filling out the application |
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Analyzing the prospective borrower's income and debt and pre-qualifying the prospective borrower to determine the maximum mortgage that the prospective borrower can afford |
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Educating the prospective borrower in the home buying and financing process, advising the borrower about the different types of loan products available, and demonstrating how closing costs and monthly payments could vary under each product |
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Collecting financial information (tax returns, bank statements) and other related documents that are part of the application process |
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Initiating/ordering VOEs (verifications of employment) and VODs (verifications of deposit) |
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Initiating/ordering requests for mortgage and other loan verifications |
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Initiating/ordering appraisals |
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Initiating/ordering inspections or engineering reports |
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Providing disclosures (truth in lending, good faith estimate, others) to the borrower |
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Assisting the borrower in understanding and clearing credit problems |
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Maintaining regular contact with the borrower, realtors, lender, between application and closing to appraise them of the status of the application and gather any additional information as needed |
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Ordering legal documents |
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Determining whether the property was located in a flood zone or ordering such service |
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Participating in the loan closing |
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HUD articulated that it generally would be satisfied that sufficient origination work was performed to justify compensation if it found that:
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The lender's agent or contractor took the application information (under item a.) |
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The lender's agent or contractor performed at least five additional items on the list above. |
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Real Estate Brokers take advantage of our Wholesale Commercial Mortgage Programs
