comments from mortgage brokers responding to the survey:
are already providing this (GMPs) to our customers!”
seem to be a good idea, if the concept doesn't slight the
mortgage brokerage industry.
It seems that a significant advantage would be awarded to
the largest companies in the business, and that small business
would not be able to compete with the mega banks.
GMPs would be good for mortgages less than 100k.
We already offer a GMP of sorts when we guarantee closing
costs or perform ‘no cost’ transactions with closing costs
paid from YSP.”
inherently they (GMPs) are a good idea. The problem is that the
selection and control of these services need to remain with the
broker (lender) b/c we are controlling the transaction. Strict
guidelines and controls from big brother will only slow the
process and increase costs to borrower. I would introduce them
rather than mandate and let the free market dictate what will
happen. If a company can efficiently and effectively provide
GMPs, they would be ahead of the guy next door and ideally would
it will be unfair to the small Broker offices.
I think the savings to the borrower will be minimal.
I think Mortgage Lenders & Brokers who lie about the
estimated closing cost (GFE) will continue to mislead and lie to
can't legislate someone into being honest.”
is the new wave of providing service I don't want to be left out
however, I prefer the control I have now over what I would have
under a GMP scenario. I feel we can close more loans when we have
greater control over the process.”
said above, I would like to select my own local providers and
not rely on those selected by my wholesalers. It's bad enough
when I have to explain to a client when I use a lender appraiser
- not polite, just churning out the work - and not responsive to
correcting THEIR mistakes! Imagine what will happen if I have to
use LOW bid attorneys who can’t get work other ways…”
packaged format would need to provide us with a cost savings
over the current structure and provide us with more control over
the process. Time and money!”
“I do not
like others controlling my business.
I think this will slow the approval rate and loan process
of helping consumers buy a home or refinance to save money.”
this survey, GMPs were not something I had considered.
The concept is very intriguing and if it works to
streamline the loan process, keep costs down and profits up,
then I would love to use the system.”
Our survey report contains over 100 pages of
other vital GMP statistics and findings.
With HUD close
to releasing its RESPA reform rule – including a probable
provision for Guaranteed Mortgage Packages (GMPs)—
you can use our survey data to get your GMP offering
right the first time.
just-completed survey, Guaranteed Mortgage Packages: What
Mortgage Brokers Want and Need, answers these key questions:
Which mortgage broker segments are the most interested in providing GMPs to their customers?
What is the principal incentive for mortgage
brokers to offer GMPs?
What are the greatest broker concerns about GMPs
and how can potential providers address them?
Which brokers want lower prices from GMP providers? Which brokers would prefer better service instead?
Which lenders, title companies, and technology
providers would brokers prefer to provide GMPs and why?
To review the online survey
instrument, go to: www.campbellsurveys.com/gmp/broker.
more information about our survey, or to place an order, call
John Campbell at 202.363.2069. Or e-mail us at: firstname.lastname@example.org.