| Mortgage Broker
Mortgage broker. Mortgage lender. Bank loan officer. They're
all
the same. Their job is to sell you mortgages. Period Well,
not exactly. While all three are closely related, the nature
of their jobs deviates slightly from each other.
What's a mortgage broker?
Contrary to popular belief, mortgage brokers do not work for
the loan company or any lending organization or firm. A mortgage
broker is a real estate financing professional who works independently
from a lender. A mortgage broker concentrates on the instigation
of residential or commercial mortgages. The lending company
is the "wholesaler." The mortgage broker is the
one who provides the actual funding and servicing to these
loan
"wholesalers."
Basically, mortgage brokers are freelance agents working with
(not for) various wholesale lenders. Almost half of all the
real estate residential loans in the United States are instigated
by mortgage broker firm operations.
Mortgage Broker Services
Mortgage brokers have direct access to hundreds of loan products.
Because of this, mortgage brokers are the best when it comes
to providing consumers cost-effective and efficient options
that cater to their specific loan needs. The mortgage broker
evaluates and provides assessment based on the financial details
which the customer gives. Using this information as leverage,
the mortgage broker would then search through the hundreds
of posted rates in order to find the best one for the customer.
In this way, not only does a mortgage broker provide their
customers with expertise and convenience, but choice as well.
Mortgage lending is a complicated task. Mortgage brokers act
as guides for consumers, helping them through the entire process.
When confusion sets in, mortgage brokers help dispel this
by offering extensive choices and advice to aid the consumer
maintain his financial balance with his goal.
When customers have a bad credit or a less-than attractive
credit history, mortgage brokers help them get loans by looking
for lending companies that are willing to let these types
of consumers borrow money. Mortgage brokers also use novel
loan packages to allow customers with low to moderate income
enjoy the benefits of home ownership.
Mortgage brokers help consumers save on their time, money,
and effort. Because mortgage brokers provide assessment on
their clients' financial status, they can easily target products
which more or less cover and fit with the clients' needs.
This makes the job easier and less time-consuming. Mortgage
brokers maintain contacts with several lending companies.
This allows mortgage brokers to get the cheapest loans for
their clients.
National Association of Mortgage Brokers
Established in 1973, the National Association of Mortgage
Brokers is the primary trade association that represents the
community. The association is affiliated with 46 states of
the United States and promotes professional certification
for mortgage brokers.
Mortgage brokers who are members of the National Association
of Mortgage Brokers are required to follow the association's
code of ethics and keep only the best lending practices in
his profession. The mortgage broker acts as the liaison between
the lender and the borrower. A mortgage broker is responsible
for bridging the gap between these two. Such a large responsibility
requires a mortgage broker to be completely thorough in his
dealings with both and in the mortgage process.
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