What were the responsibilities of the mortgage brokers to borrowers? To lenders? To investors? How
QUESTION
What were the responsibilities of the mortgage brokers to borrowers? To lenders? To investors? How well did they fulfill their responsibilities? Why?
Mortgage brokers work independently of loan companies to offer home buyers and homeowners mortgage financing options from multiple lenders. Most hold bachelors degrees in a relevant field. State and federal laws regulate mortgage brokers, who must be licensed in many states and can earn voluntary professional certifications. The responsibilities of mortgage brokers are : marketing to attract clients assessment of the borrowers circumstances (Mortgage fact find forms interview) this may include assessment of credit history (normally obtained via a credit report) and affordability (verified by income documentation) assessing the market to find a mortgage product that fits the clients needs. (Mortgage presentation/recommendations) applying for a lenders agreement in principle (pre-approval) gathering all needed documents (paystubs/payslips, bank statements, etc.) completing a lender application form explaining the legal disclosures submitting all material to the lender upholding their duty by saving their clients as much money as possible by offering best advice for the clients circumstances make reasonable inquiries of the consumer about their financial situation, their requirements and objectives in relation to the credit
tract; based upon these inquiries, assess whether the credit product is unsuitable for the consumer and only proceed if the credit product is not unsuitable; and give the consumer a copy of the assessment if requested. Assess A mortgage broker serves as a financial expert, retained by a homeowner or homebuyer to explore financing options for real estate purchases or refinancing, and to take care of the loan origination process up to the point of disbursing the funds. Armed with credit and financial information from the potential borrower, a mortgage broker uses a network of lenders and institutions to find a loan that suits the needs and desires of the buyer, then negotiates with the lender to secure terms and options for the buyer. When the application is approved, the mortgage broker oversees the signing of the loan documents.
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