A mortgage broker isn’t a lender who lends money. Instead, he helps clients locate the best mortgage loans. A broker’s job is to figure out what the customer wants and then shop around for the best loan deal lenders have on that form of loan. Brokers usually deal with a variety of lenders in order to maximise their chances of matching the right lender with the right customer. Brokers are more likely to be able to find loans for special needs borrowers because they have access to so many different lenders.You may want to check out Wealthy You for more.
Mortgage brokers take borrowers’ application information, collect all relevant documentation, such as credit reports, job verification, and property appraisals, shop for the right loan for that customer, and then lock in rates and conditions with the lender. Brokers are also responsible for supplying the borrower with required disclosures. When all of the documents are in the loan register, the broker sends it to the bank, which manages the loan authorization and funds disbursement.
Mortgage agents are individuals who work with mortgage brokers in real estate deals but do not have a broker’s licence. A mortgage broker can also help a customer prepare for a loan and find the best lender. This can be very beneficial for people who are trying to purchase a new home and feel out of their element. Mortgage specialists act as a liaison to all lenders and manage the majority of the paperwork, relieving home buyers of much of the stress associated with the method.
Although there are no specific educational requirements for being a mortgage agent, the majority of them have prior work experience with a large institution and at least a bachelor’s degree in business or finance. When learning to be a mortgage broker, the majority of agents undergo on-the-job training.