Realtors Information Center
Welcome to Two Rivers Mortgage Company. We look forward to developing a long term relationship with you and our shared clients.
We're a Mortgage Brokerage
Simply stated, we are not the end lender. We are the advocate for our client that shops for them and finds them the best possible deal on a mortgage through our network of wholesale lenders. Typically, we can find our clients mortgages that a half point to a whole point less than the interest rates at competing local banks and credit unions.
With a high credit score, we can complete the application in as little as 14 days. However, for our credit challenged clients, who normally would not be accepted by a bank or a credit union, these files do take longer to process. The more bumps in the road in the past, the more paperwork the lenders like to see. For these files, please allow a minimum of 60 days for the contract.
Terminology Variations & Other Differences
In the world of wholesale mortgage lending, a couple of terms are not quite the same as they are in portfolio lending. Here are a couple to be aware of:
Loan Commitment = Conditional Approval. This means that the lender will approve the loan if all the loan conditions are met.
Loan Approval = Clear to Close. This means that all of the conditions have been met and we can close the loan.
Final Appraisal = Final Inspection. If repairs are needed to have an appraisal meet standards, these terms will be used interchangeably.
We order our appraisals through an appraisal management company. This structure was set in place so that no lender would have undue influence on the valuation of an appraisal.