Got Mortgages?

Advisors whose clients need a mortgage have another place to go to set up the deal. Mutual Service Corp. has announced a joint venture with Wells Fargo Home Mortgage, called Mutual Service Mortgage (MSM), under which MSC reps can arrange mortgage loans for their clients or can act as mortgage brokers if they are qualified and receive compensation for matching a client with a home loan.

According to Sheri Ryan, senior VP and director of marketing at Mutual Service, the broker/dealer based in West Palm Beach, Florida, reps who are not mortgage brokers can talk to home mortgage consultants and refer the client to a consultant who will shepherd them through the home loan process. Reps who are qualified as brokers can accept the application and handle the transaction themselves. In addition, once a new Web site is completed, advisors will be able to go online and review individual state requirements for mortgage brokers. An improvement already in the works for the new service will be another partnership arrangement with a company that can help reps become mortgage brokers.

Through the joint venture, reps will be able to offer home equity loans and lines of credit, interest-only programs, renovation loans, construction loans, reduced documentation loans, and alternative credit programs. Reps’ clients are eligible for reduced closing costs, free prequalification and mortgage analysis, and specialized loan programs.