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BrokerFast is a philosophy of Property Sciences
and a commitment by our lender partners. Our vision is a collaboration between Property
Owners, Mortgage Professionals, Lenders and Appraisers that dramatically reduces
the time and expense of obtaining commercial real estate loans. Our mission is timely
collection and analysis of property information needed to screen, underwrite and
When this new philosophy is examined it can be shown that if implemented properly,
it can actually provide greater risk management control for lenders, while saving
significant processing and operational costs of origination.
It is important to understand that FIRREA, OCC and FDIC laws and regulations allow
this policy. It saves tremendous time and cost to lenders, and when fully implemented
and managed, improves credit risk discipline within the bank. Upon receipt of a
mortgage professional package that includes an appraisal, the bank can always choose
to turn down the loan if the appraisal does not pass normal underwriting and appraisal
review requirements, which will include that the appraisal must be performed by
an appraiser on the bank’s approved list. It is really no risk and only potential
gain when the process is better understood.
BrokerFast lender partners are committed to making the loan origination process
as professional and easy as possible.
The current commercial lending process is unnecessarily delayed by the steps that
take place before an appraisal is ordered. Completing an appraisal takes the longest
out of all the steps in the process, often up to 4 weeks.
The BrokerFast Advantage allows mortgage professionals to order
an appraisal as the first step in the process. Furthermore,
with approval, the appraisal can then be accepted by ALL of the
BrokerFast Lenders. This is the beauty of the one appraisal, multiple
lender process -- it eliminates the wait time for the broker and lender
to engage before the appraisal is ordered.
By eliminating this wait time, mortgage professionals gain a competitive edge in
securing their client. Lenders can deliver letters of interest in a shorter time
frame with a stronger understanding of the property.