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 fund loans.
The current loan origination process is unnecessarily slow due to limited access to property information until an appraisal is complete. Many lenders do not allow mortgage professionals to begin the appraisal process until a commitment has been issued, which may take 4 to 6 weeks from the initial borrower inquiry. Depending on the complexity of the deal, it may take up to 8 to 10 weeks before an appraisal is started.
This process unnecessarily restricts the flow of information. An appraisal should be the first step in the loan origination process. That way – mortgage professionals can deliver complete and accurate property information to potential lenders – allowing lenders to make faster and better informed decisions. Ordering the appraisal as the first step saves most transactions 4 weeks, and can save as much as 3 months, if the first lender declines the loan after the appraisal is complete.
BrokerFast lender partners are committed to making the loan origination process as professional and easy as possible. BrokerFast lender partners allow registered mortgage professionals to order an appraisal from a list of approved appraisers and begin the loan process immediately.