Mortgage Brokers are individuals that have meet the state requirements imposed by the states in which they do business. Each state has licensing guidelines overseeing the origination or residential mortgages. Typically commercial mortgages in many states are unregulated.
Do you need legal help about the role of a mortgage broker?
Contact a Real Estate Lawyer if you have any questions about the role of a Mortgage Broker.
Mortgage Brokers do serve a vital role in providing borrowers with a vast array of mortgage products. The term broker denotes the fact that brokers shop your loan application with many banks. The theory is that because a mortgage broker has access to multiple banks, they have the ability to shop for the best rates or the most appropriate mortgage program. Keep in mind that a Mortgage Broker is not actually your lender. The Mortgage Broker represents all banks in which they have a business relationship with. The final approval and funding of your loan request will always rest with the lender and not the broker.
- Mortgage Broker activities:
- Market loan programs
- Pre-qualify borrowers
- Prepare mortgage applications
- Present files to banks for approval or denial
- Interact with all other third parties, (appraiser, title company ect.)
Qualified Mortgage Broker servers to ensure that each borrower receives the best possible mortgage program with the most advantageous terms.
Do you need legal help about the role of a mortgage broker?
Contact a Real Estate Lawyer if you have any questions about the role of a Mortgage Broker.
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