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Now Real Estate Agents Can Earn Commissions on Loans
Dogtor Paco provides a way to research and compare market pricing within seconds, price and identify a loan product, and take an application so that their clients can get approved and processed for a loan easier and faster than ever before. Finally, a conditional letter of approval will be delivered along with all state disclosures, ready for a client’s signature.
Agents will earn the commission from the loans closed using the Dogtor Paco mortgage payment calculator engine. The company’s Loan Organizer™ tells financial professionals how much money they will make by submitting a client’s application electronically through the Dogtor Paco’s engine where the loan will be completed quickly and frictionlessly.
Users go to www.dogtorpaco.com and scroll over to the field entitled, “What would you like to do?” They will go to the section for “Real Estate Professionals/Mortgage Brokers” to purchase a loan or refinance. Next, users enter the purchase price of a property that their client, the borrower, is going to pay for a new home, and they view a comprehensive list of real loan offerings available.
Users are presented with multiple loan choices provided by local lenders so that they can choose the loan best suited to the client’s situation. The entire application process is simple and fast. The borrower is happy to get a loan within minutes and asks to lock in the rate. Users are now ready to apply for the loan and should take a moment and print a copy of the table that includes the loan chosen for future reference.
Next users simply click the Apply option. At any time during the application process, users can get help by either viewing the video clip entitled, “How to fill out Dr Paco’s loan application” or they can hit the Chat button to speak with Dogtor Paco’s Assistant Banker. Within 30 minutes of submitting a client’s loan, users will receive a complete state disclosure package, including a good faith estimate, 1003 and a conditional approval letter.
While consumers can view the loans on Dogtor Paco’s site, only Department of Real Estate (DRE) licensed professionals can complete the loan transactions and be compensated for the work. Rates are updated every twenty minutes. On residential transactions, Dogtor Paco can only pay a registered broker with the Department of Real Estate, so checks will be issued to the broker of record, directly from escrow, as per the directions supplied in the broker agreement that will have been completed prior to closing a loan.
Dogtor Paco, Inc. is a proprietary patent-pending online lending services engine where loan officers, mortgage brokers and real estate agents can facilitate the approval and processing of loans for customers faster. Dogtor Paco’s powerful on-demand mortgage calculator provides good faith estimate (GFE) level quotes with full disclosure including monthly payments and all closing costs. Dogtor Paco uses instantaneous rates to calculate closing costs and monthly payments for a particular property. The Loan Organizer tells users how much they will make by submitting a client’s application electronically through the Dogtor Paco’s engine where the loan will be completed quickly and frictionlessly.
Dogtor Paco is initially geared towards California lending professionals, including loan officers, mortgage brokers and real estate agents, providing financial professionals with all the options for real estate financing. The company plans to expand Dogtor Paco services into Florida and then into the national marketplace in 2008.
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