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In order to ensure a smooth note transaction, it would be wise, as a well informed note seller, to have the following documents available before submitting you note to a Note Investor for purchase. These are documents that you, your attorney, or your real estate agent should have on file from the sale of the subject property.

The documents are as follows:

Copy of Note

Copy of Trust Deed, Mortgage or Land Contract

Escrow instructions from real estate sale in which the “Contract” was created

Escrow closing statement from real estate sale in which the “Contract” was created

Title insurance policy which insures the “Contract”

Fire insurance information on the property which secures the “Contract” (Insurance Company, Policy Number, Agent’s Name and Address)

Loan Payment Record (if possible)

Appraisal from the time of sale or thereafter (if possible)

Please provide two (2) pictures of subject property (if possible)

Copy of street or city map showing property location (maps.google.com)

Plans, surveys or other documents in your possession (if possible)

Tenant Rental Agreement (if applicabale – rental property note)

Once these documents are in order go forward with submitting your mortgage note for purchase to a note buyer. Usually with the more experienced note buyers you can fill a quick submission form online.

After submitting your note, it should take 48 business hours to receive a Soft Bid. The definition of a soft bid is; the preliminary pound amount a note investor is willing to purchase, prior to verification of information.

Once the soft bid is agreed upon, the note investor does some preliminary investigating into the note info submitted (i.e. credit score, property value, etc). This usually takes 72 business hours.

The soft bid is subject to change if the original note info submitted is inaccurate. That is why it is very important to be as accurate as possible when submitting your note submission form in the beginning. This way nothing will change over the course of the underwriting period and you will get the money you need. The more detailed and prepared you are, the less you have to worry about!

Once the preliminary verification takes place the note investor will confirm the Firm Bid to the note seller.

Once the firm bid has been confirmed and all the above documents are in the possession of the note buyer , the underwriting process will begin. This includes, ordering drive by appraisal, checking title for liens, verifying all note info.

Closing instruction and date will be set up and the transaction is closed.

From front to Back, assuming all of above documents are in your possession, it should take 2-3 weeks to receive your check.

Some loan officers have had tremendous amount of success buying mortgage leads, while others have wasted tremendous amount of money.  Some of the best lead sources are kept secret – wouldn’t you, if you have found a good lead source?

Surely, it is nice to spend money on mortgage leads that convert well into customers, but buying leads is often a risk not many people are willing to take.  What is even better is to generate your own leads that convert well and are also inexpensive to generate.

Here is one technique that you can use to generate free mortgage leads.  In summary, you want to find online forums and discussion boards that talks about real estate and or mortgages.  You would then register as an user to these forums and establish yourself as a mortgage expert.

Here is how you do it:  Pull up a web browser and head to Google search engine and type in “mortgage forum” and that should give a plenty of online discussion boards related to mortgage.  Before signing up for any of the forums, study the forum topics and see what people are talking about in these forums.  Are they mostly home owners?  Are they mostly real estate professionals like you?  Now, do not disregard mortgage forums where many real estate professionals or loan officers hang out, because sometimes they can be your best mortgage lead source.  Sometimes you will find posts and requests from other loan officers for co-op opportunities.

Once you have come up with a few forums you would then go ahead and register for a forum account.  If you have a website, make sure you put that website in your signature profile if the forums allow – and most of them do.  Here is what not to do:  Do not simply sign up to a forum and start blasting your ad all over!  It may be helpful that you introduce yourself to the discussion board telling people who you are and what services you provide.  Make sure you observe the rules of each forum.  Start breaking into the forum by responding to other people’s posts and provide valuable views and advices.  Once you do that, you establish ground in the forum and you will build a reputation around you.

This technique, although free because you do not need to spend money on advertising, may take a while before you see some qualified leads coming your way.  However, it is probably one of the best inexpensive mortgage leads generation techniques.