What is a Mortgage Broker?
A Mortgage Broker is a real estate financing professional who specializes in the origination of residential mortgage loans. Your Mortgage Broker works closely with a number of lenders on a day-to-day basis. By combining professional expertise with direct access to dozens of loan products, your Mortgage Broker provides the most efficient and timely way to obtain financing tailored to your specific financial goals.
Why Use a Mortgage Broker?
Independent Mortgage Brokers have had a significant long-term positive effect on the residential mortgage loan industry. The use of a professional Mortgage Broker is one of the key strategies used by sophisticated borrowers who are looking for the lowest possible rate and the highest possible level of service.
The Mortgage Broker Licensing Process
Mortgage Brokers must receive pre-licensing education and pass a rigorous series of tests and thorough background checks in order to obtain a Mortgage Loan Originator’s license. Furthermore, Mortgage Brokers are required to fulfill continuing education requirements and have their performance and credentials reviewed at least annually. The level of education and professionalism demanded of a licensed Mortgage Broker is far greater than that of most other mortgage professionals.
What Does a Mortgage Broker Do?
A professional Mortgage Broker researches current market conditions to find the most accurate and up-to-date information about cost-effective loan options in order to provide you with the most suitable loan at the most competitive price.
Mortgage Brokers:
- Explain the loan process, from application to closing
- Discuss different financing alternatives and provide you with various options
- Provide you with a Good Faith Estimate of costs and fees
- Collect your application and supporting documentation for submission to the lender
- Communicate with you throughout the loan process in a timely manner
- Help you resolve any issues that arise during the loan process
- Coordinate the final closing of your transaction
Your Mortgage Broker Gets Your Loan CLOSED!
Once your loan has been approved by the lender, your Mortgage Broker acts as the liaison between the various parties to the transaction, including the title and settlement company, the real estate agent, the lender, the appraiser, credit agencies, underwriters, processors, attorneys, and other third parties. Your Mortgage Broker deals with any issues that come up in order to make sure that your transaction closes within the required time frame.