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BrokerPro Software™ is a loan origination software for brokering commercial mortgage loans. A commercial mortgage loan is for 5+ unit multifamily apartments, retail shopping centers, office buildings, industrial buildings, self storage, mobile home parks, hotels, healthcare, assisted living, mixed use, and other similar commercial uses.
The uniform commercial application for reporting commercial real estate data to lending institutions is called the Investor Reporting Package (IRP) and was created by the Commercial Mortgage Securities Association. BrokerPro emulates the IRP on seven, user-friendly screens: LOAN, PROPERTY, BUILDING, RENT ROLL, LEASING ASSUMPTIONS, INCOME/EXPENSE, UNDERWRITER INFO.
Unlike the FNMA 1003, the uniform residential application, which is strictly for residential mortgage loans, the IRP reports the operating performance of the commercial property, which is the primary criteria for which a commercial mortgage loan is based on and is the primary criteria a lender needs to review if a broker expects a quote and full term sheet from a lender, rather than a simple "letter of interest."
Other Features in BrokerPro
Prequalification By inputting general property financial data into the uniform reporting format for commercial real estate in BrokerPro, a loan officer can pre-qualify a commercial property for financing based on the same criteria lenders use, as well as identify potential lenders for loan placement.
Loan Comparison BrokerPro enables a loan officer to compare the strengths and the weaknesses of a commercial loan because BrokerPro incorporates rating agency guidelines in its underwriting parameters, as well as an automated reporting feature that provides a written commentary as to the loan's strengths and weaknesses.
Origination and Required Documentation A commercial mortgage lender expects the loan officer to present the salient issues of the deal in a comprehensive loan package, using the uniform reporting format for commercial real estate. Actual data need not be submitted, but rather, an analysis of the actual data, with the most important analysis being your derivation of the property's net operating income using the property's historical income and expenses. BrokerPro automatically estimates and supports the value of the property using the Income Capitalization Approach, as well as computes Loan-to-Value and Debt Service Coverage Ratio.
Automated Underwriting BrokerPro seamlessly integrates with our online Lender PIPELINE™ that well over 100 commercial mortgage lenders use to receive electronic dealflow -- just as Fannie's DO and Freddie's LP interfaces with lenders for residential loans. Quotes and term sheets are received quickly -- often in less than 48 hours of loan submission, because BrokerPro presents all of the salient issues a lender requires in order to price a commercial loan.
Processing In a commercial mortgage transaction, the lender handles the processing, but processing cannot begin without all of the required commercial forms filled out. Property Operating Performance, Rent Roll & Leasing Analysis, Property Characteristics & Conditions, and the Market Attributes, are required forms the broker must provide in a loan submission if processing is to begin. BrokerPro enables loan officers to include all of these reports with their initial submission.
Closing Closing is usually done in the lender's name, and due to a lack of industry standard automation, a lender often uses disparate systems to perform this time consuming task. But with BrokerPro Lenders™, you have each lender's contact information to stay on top of the process and ensure a smooth closing. Loan officer is paid out of escrow upon loan closing.
For more information about BrokerPro Lenders™ and the Lender PIPELINE™, check out our Lender List.
Commercial Training CD ROM Available with Purchase
BrokerPro OFFICE™ is a start-up package for mortgage brokers and loan officers that are beginning to originate commercial mortgage loans and require comprehensive training, reference materials, business development tools, all of the required forms, and much more support than just our standard technical support can offer. With our BrokerPro OFFICE™ Training CD ROM, not only is everything described above included, but also, you get real-time, toll-free support from commercial mortgage experts who will expand upon the training materials and even walk you through your first loans, or review your loans prior to submission to lenders. You can learn more about what is included in BrokerPro OFFICE by clicking the Support Package. Click here to view the contents page. |