If Mortgage Brokers Do Loan Mods...Why Do I Need You?

"If the states are endorsing mortgage brokers to do loan modifications, why do I need PMC?" The first reason is research. PMC has literally contacted thousands of mortgage brokers throughout the country inquiring as to their standpoint on loan modifications, their fees and processes. What we found was that almost all of them had only done one or two modifications, and they were semi unclear about what direction they needed to go. The ones that were doing more than that were charging between $2500-$4000 for their services. Many of them were doing them "old school", with not only inadequate protections for themselves and their customers, but certainly making substantially more work for themselves than needed. PMC spent six months, with numerous representatives working 5 sometimes 6 days a week to contact these brokers and establish our Negotiators. This is the time that was taken to take a good hard look, and separate the good, the bad, and the ugly!!!


The majority of the mortgage brokers have preconceived ideas regarding loan modification and may have limited knowledge regarding the process. I think of it like this...A house framer has the necessary core knowledge and tools to build decks and awnings, yet if he hasn't built them before, he will likely have to get a few additional resources in order to efficiently complete the job. This is what PMC offers the mortgage brokers (Negotiators) that have joined our team. Aside from having access to each other for consultation, blogging and exchange of ideas, they also have access to our full broker resource center. Similar to how a mechanic would get the "dealer service manual" to repair vehicles that he may not familiar with. PMC affiliated negotiators have every resource available to them in order to work toward their customers best interests.

Fees. Many mortgage brokers that are able to perform loan modifications simply won't. If their state prohibits them from charging ANY amount of fee before completion, then the broker is dependent upon that customer to actually pay once the modification is completed. Like most people, brokers can't pay their bills and feed their family on IOU's. Unfortunately, without an additional party involved the mortgage broker has no resource to turn to for help other than collection agencies. Many brokers that are performing loan modifications are trying to charge the same high fees that many of the illegitimate and "attorney affiliated" companies are charging (usually $3-$6K dollars). With PMC, both the customer and the Negotiator get the best of both worlds. The Negotiators have agreed to perform the loan modification for the customers for a VERY reasonable fee, and have agreed to not charge those funds upfront. Thus, it eliminates the ability for a customer to get "ripped off". The Negotiator clearly has a vested interest in getting that customer results, their paycheck depends on it! The Negotiators, aside from not having to field sales calls, has PMC's software and resources which makes their job 10 times easier. Additionally, PMC affiliated negotiators, are only assigned customers that have demonstrated the willingness, and ability to pay for their professional services, and furthermore have PMC in their corner to remind the customers of their obligations once completed. This has proven to be the best business model in the industry, for ALL parties involved.

Trust and Oversight. As with dealing with any other modification company, if it's just the customer and that company, there will ALWAYS be room for error and “he said she said”. Some brokers are having a difficult time getting their customers to trust them again, as they were "labeled" as part of the overall mortgage problem. Although this is a relatively unfair assessment, nonetheless it has effected those relationships. With PMC, the Negotiators aren't out trying to prospect for customers. The customers come to us/them. Aside from having a second chance to help their community, mortgage brokers can receive fair compensation for fair work performed and have excellent job satisfaction. PMC's proprietary software not only assists the Negotiator in their work, but it also integrates with the customers Client Dashboard. Here, the Negotiators progress can be tracked and the client will see exactly what he/she stands in the process. It not only reduces the amount of phone calls from customers, but it also eliminates the chance of the customers documents falling through the cracks or the customer not feeling informed throughout the process. With something as important as a home, no one wants to take the chance of things not going right.

PMC has had two instances of Negotiators that have experienced "fatal errors" with their computers. Without PMC's data storage, this would have been a dire problem for the Negotiators and left the homeowner clients in a tough spot. Even if the customers were able to reproduce the documents, the time frame to get caught back up could have easily cost someone their home. As it is, the Negotiator reputations remained intact and the homeowners lost no valuable time in process. PMC's software is not only extremely secure, but the information is stored with multiple levels of protection and redundancy. So even if our building burned, and the Negotiators computer crashed, PMC would be able to get that Negotiator back up to speed within 24 hours. This protection has not only proved priceless to the Negotiators, but to the customers that they are representing as well.

Most of the customers that contact us tell us that we have the best pricing and program and have provided them the most information toward making an informed decision. The majority of the brokers that we've talked with, whether they've decided to join the team or not, have agreed that PMC's business model is next the best in the industry and not only takes the customers best interests into consideration, but the licensed professional's as well. So whether you, or someone you know, needs assistance finding legitimate help with a mortgage, or you are a licensed professional looking to do your part please contact PMC today.