In the past 20 years, independent mortgage brokers
have had a significant positive impact on the
lending industry. Today the use of a professional
mortgage broker is one of the key strategies used
by sophisticated Borrowers.
What is a Mortgage Broker?
A mortgage broker is an independent real-estate
financing professional who specializes in the
origination of residential mortgage loans.
Mortgage brokers normally pass the actual funding
and servicing of loans on to "Wholesale Lending
Sources." A mortgage broker is also an independent
contractor working with (on average) as many as 40
lenders at any one time. By combining professional
expertise with direct access to hundreds of loan
products, your broker provides the most efficient
way to obtain financing tailored to your specific
financial goals.
What Do Mortgage Brokers do?
In the volatile home-lending market, Mortgage
Brokers can serve as "police," offering their
clients security, safety, and peace of mind. One
of the Broker's most important functions is
escorting your loan application through the entire
process, constantly patrolling the component
transactions for possible breakdowns. A professional
mortgage broker can wade through the mountains of
rate data and program options, researching current
market conditions to find the most accurate and
up-to-date information about cost-effective loan
options.
Brokers handle the Details!
There are literally thousands of variables which
can affect the outcome of your mortgage
transaction. That's why you need a mortgage broker
to act as liaison between the title and escrow
company, real estate agent, lender, appraiser,
credit agency, the underwriters, the processors,
attorneys, and any other services which may effect
your transaction.
A mortgage broker also:
- Discusses and explains financing program options
- Informs you, in writing, of lock-in options
- Explains all documents of the loan application
- Explains all associated costs of the loan application
- Explains the disbursement of all loan applications
- Explains the loan process, from application to closing
- Provides you with a good faith estimate of cost and fees
- Communicates with you throughout the loan process in a timely manner
- Coordinates the final closing of your transaction
Brokers and loan officers are your resource for
questions or concerns after your transaction closes.
