Responsibility of a broker

Guest

For whom do these brokers work, for the lender or for the consumer? Can the consumers expect best deal for them through a broker?

Samantha · Posted: Sat Nov 26, 2005 5:41 pm Post subject:

Hi,

Brokers are a medium between the lenders and the consumers. They may be considered as an independent contractor.

They provide some the services to the lenders which help him to cut down the origination costs required for preparing loan package, loan application and counseling the borrower.

Also he helps the borrower to get the best loan available according to the borrower's financial condition.

Brokers provide the consumers with the various products available with a number of lenders. Now the best deal depends on the consumers need. To some the lowest rate may be considered as the best one and to some other it may not be the best one if it comes with high points and fees.

The growing trend of consumers coming to the brokers, indicate that they are getting the desired services and the mortgage broker responsibility is getting fulfilled. So, you may expect a fair service from a good broker but you should keep an open mind always.

Hope this information will help you.

God bless you.

For MortgageFit,
Samantha

Guest

Hi Samantha,

Thank you for satisfying my qestion. It is all clear now.

Regards

helping_user · Posted: Fri May 12, 2006 3:25 am Post subject: Duties of a mortgage broker

Duties of a mortgage Broker are:

To do the marketing for attract clients.
To take 1003 application form.
To evaluate client's credit using tri-merge credit report.
To gather all the necessary document (bank statements, etc.).
To shop for a loan product which suits best as per the client requirements.
To processed the loan.
To submit all the document to the lender and to an escrow company.

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