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Stearns Broker Advisory

Earn up to $1813 for your referral as an Advisor

Thank you for your interest in the Stearns Lending Reverse Mortgage Broker Program. Consumer interest in reverse mortgages is increasing and the number of lenders participating in the program is growing rapidly.

Broker Benefits

	Grow your business by offering an increasingly popular service to the expanding senior homeowner market.
	No need for FHA approval.
	Get started quickly and economically. There are no participation costs and Stearns handles all processing costs
	You will also increase the possibility of developing cross-sell opportunities to the adult children of your reverse mortgage customers.
	Leave the Customer Service to Stearns Lending! Once the client's Reverse Mortgage application has been approved, your dedicated Stearns Lending Reverse Mortgage Specialist will relay to you that he/she will be working directly with the client.

Your Responsibilities

As the Advisor, you will be responsible to identify and pre-qualify clients. You will also fill out the Stearns Home Equity Conversion Mortgage (HECM) Advisor Certification.

Educate Clients about the Reverse Mortgage Program

Education is important and you will share in the responsibility to explain the costs and benefits to the Reverse Mortgage client. The Reverse Mortgage Fact Sheet will assist you with the process. Prior to funding, you will fill out a Stearns HECM Advisor Certification outlining the services you have performed for your client. You will also deliver a signed Advisor Applicant Agreement.

The Approval Process

Brokers must complete the following documents to participate:

- Stearns HECM Advisor Certification [pdf]
- Advisor and Applicant Agreement [pdf]
- Broker and Applicant Contact Information [pdf]

Broker Compensation

Maximum Advisor fee is 25% of the total origination fee as allowed by HUD. The total origination fee is capped by HUD at a maximum of 2% of the lesser of the appraised value or the FHA Lending Limit for the county where the property is located (not the loan amount!).

For Example, A Home Value might be $500,000; but FHA lending limit in Los Angeles and surrounding Counties is capped at $362,790

Maximum Origination Fee = $7,255 or 2% of $362,790
Maximum Advisor Fee = $1,813 or (25% of Max. Orig. Fee)