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MAMP
Membership > Fair Pay Program Benefits Members
& Clients
Increase Your Productivity and Revenue with New
MAMP Member Benefit
MAMP
is happy to announce an exciting, new member benefit
that will not only increase your productivity
and revenues, but also provide your clients with
more options and flexibility.
The
Fair Pay Program, developed and administered by
Economic Advantages Corporation, gives
MAMP
members the ability to determin a client's loan
term and effective interest rate by changing the
way the loan is paid back to the lender.
For
example, a $125,000 loan at a 7.9% interest rate
with a 30-year term has a monthly payment of $908.42.
This requires a total payback of $327,047.86 over
the life of the lan. However, paying the same
loan with the Fair Pay biweekly program will redue
the effective interest rate for the loan to 5.977%
and reduce the loan term by seven years and four
months — thereby saving $79,230.25 in payments.
The
advantage of this program is its ability to increase
the broker's flexibility, number of loans generated,
and profit per loan. Here are just a few examples:
- If
a client wants a specific loan term, but the
lending institution will only approve them for
30 years, Fair Pay provides our membership the
flexibility to offer the client exactly what
they want.
- Fair
Pay is the perfect compliment to a broker's
program because there is no qualification and
it can drastically reduce the client's effective
interest rate, loan term and save them thousands
of dollars in interest expense.
- Some
clients may not benefit from refinancing. Fair
Pay can turn this otherwise unprofitable situation
into an opportunity for both our members and
their clients.
- Once
an existing Fair Pay client is able to qualify
for better loan terms and refinance, Fair Pay
will transfer to the new loan at no cost - further
saving them money and virtually guaranteeing
the broker repeat business.
- Fair
Pay works with pre-existing loans as well, so
broker can re-market to existing clients.
Perhaps
the best part of this program is that it is free
to MAMP members. Its state-of-the-art technology
creates a free replicated Web site for each MAMP
member who joins the program. Brokers can use
their own personal Fair Pay site to calculate
a client's loan savings, do a complete analysis,
print out the savings results, and even enroll
the client over the Internet. There is never any
out of pocket expense for MAMP members.
FOR
MORE INFORMATION
Fair Pay will be launched on April 10 during the
National Association of Mortgage Brokers' Legislative
Conference in Washington, D.C. Members who have
questions about the program can call MAMP at
1-800-403-7210.
MAMP
and NAMB are continually working to provide members
even more for their membership dollars. By taking
advantage of our discounts and programs, you can
easily save enough money to pay your membership
dues for next year!
Not
a member yet? Sign up now!
| MAMP
would like to thank it's Gold Partners in
Education for their continued support: |
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720
Light St., Baltimore, MD 21230
TEL: (410) 752-6262 | FAX: (410) 752-8295
EMAIL: MAMP@assnhqtrs.com
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