Depending on which area, nature and scope of a mortgage broker’s activities, you will not be hard pressed to find someone who can help you transact and deal with these regulated financial activities pertaining to realty transactions, deals, documents and financing, or someone to learn from for that matter is this is your choice profession.
Mortgage brokering professionals and profession specialists are mainly out to ensure that the products and advice, loan and reverse mortgage solutions they have in mind, recommend are most, best-fit, considered appropriate for the borrowers’ circumstances. What most people do not know, is that they are also responsible and by law financially liable if the advice is later shown to be defective.
These types of services can also be limited in scope, by law and state regulation to merely have and bring the borrower in the direction of an appropriate lender with no accompanying advice, coaching or mediation. It all depends. Make sure that you are familiar with what is permitted in your state and country.
How much and the type of transactions that mortgage brokering and individual brokers do/write up, depends on and is correlated to the depth of their service and liabilities. Here is some of what you can expect when dealing with mortgage brokering:
– An initial interview and full assessment of the borrowers circumstances, finances, repayment capabilities, assets and such are done in detail, also including a recent credit history (normally obtained via a credit report) and affordability (verified by income documentation). This types of fact-find, verification, pre-qualification-style processes, protocol and paperwork are formalities and part of the standard process and due diligence.
– Completing a lender application form.
– Explaining all clauses, fine print, documents and legal disclosures.
– Getting , securing and in actual fact applying for a lenders agreement in principle (pre-approval)
– Process and documentation, administration, support and back-up, gathering all needed documents (pay-stubs/pay-slips, bank statements, etc.),
– Some business and services marketing to attract clients and referrals are done by most of them, so they are not really hard to find.
– Submitting the total package to the lender for approval
– Tapping into networks, lending sources and prospects for loan purchase and agreements, can have them taking the pulse of what the market has to offer, where the best deals, discounts and rates are, which mortgage product will fit and address the need of the client/consumer best and ‘brokering’ it on their behalf, only requiring your signature in the end to execute and transact, are what they do best.