10 Step Process for Brokering Notes

If you follow the 10 step process below for brokering a note properly, you are virtually guaranteed success. (Smart brokers soon discover their learning curves are greatly reduced and success rates are greatly accelerated if they are working with some form of mentorship—ideally you are brokering your notes to an institutional investor who will walk you through the entire process in exchange for your qualified referrals).


Step #1. You, the broker finds a note seller using any number of marketing methods. If you haven’t seen my previous video “What are the skills a note broker must have”, I recommend you watch that video now, as I discuss the marketing end of things within there.

Step # 2. The broker takes the incoming call and asks all the prequalifying questions on the note submission form or checklist provided by the funder you are working with, i.e. Property type, sale price, note amount, number of payments, payment amount, terms of the note such as interest rate, balloon payment if any.

Step # 3. If, based upon the responses this looks like a good note (that means saleable to an investor), you will then ask for copies of the mortgage, note and closing statement. You are asking for copies at this point; not the original documents; that part comes later.

Step # 4. Ensure the present balance owed as indicated on the submission form reflects the last payment made to date on an amortization schedule and ensure the terms and payment amount entered on the form match up with the numbers on the note document.

Step # 5. Ensure that the note submission form is filled out neatly and completely from a to z and submit it to the note buyer.

Step # 6. The note buyer either quotes or no quotes; if it’s a “no quote”. you will learn why, if you get a quote, make sure you verify as to whether it’s a retail or wholesale quote (retail is better for beginners, which generally indicates that closing costs, title fees, etc will be paid by the funder). When you become more experienced, you may want to take a wholesale quote and then subtract your own costs if using a title company of your own, etc.

Step # 7. Based on the quote you receive, determine the investors’ yield and then decide on your own desired yield (how much you want to make on the transaction)

Step # 8. Get a written quote out to the note seller reflecting a bottom line price with your profit already figured in and follow up by phone to discuss it.

Step # 9. The seller either accepts or declines the offer– if declined, follow up once a month for several months– if the note holder ultimately decides to sell a bit later on down the line , reduce the offer by the # of payments they’ve received since the original offer.

Step # 10. If your offer is accepted, have the note seller sign the conditional agreement (subject to due diligence) and then turn it over to the investor. Once the note investor (funder) completes the due diligence process following offer acceptance, separate checks are cut at closing– one to the note seller in the amount that was agreed upon and one to the broker for the agreed-upon referral fee. It need not be disclosed to the note seller as to the amount of the broker’s fee. They receive the amount that they agreed to, so everyone is happy.

OK, that’s it for this particular video; be sure to check out our channel for more and I’m also going to really be getting inside the note brokering profession in upcoming videos, whereby I’m going to be talking marketing strategies and formulas as well as the investing side along with the mechanics of using the financial calculator.

See you soon.

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