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What does a Mortgage Broker do?

While many factors have contributed to this record increase in home ownership, one of the principal factors has been the rise of wholesale lending through mortgage brokers. Today, mortgage brokers originate two out of every three mortgage loans. In 2002, there were 44,000 mortgage brokerage companies that employed an estimated 360,000 people. Since mortgage brokers represent 65% of the home loans originated in 2002, it is not surprising that mortgage brokers originate more mortgages than any other single loan source group in this nation.

The role of a Mortgage Broker: A mortgage broker is an independent real estate financing professional who specializes in the origination of residential and/or commercial mortgages. A mortgage broker is also an independent contractor who markets and originates loans offered by multiple wholesale lenders. We can offer consumers superior expertise and assistance in getting through what can be a very tedious and complicated loan process.

Mortgage brokers serve a very significant role to the consumer throughout the mortgage process. They spend a significant amount of time with mortgage applicants, working through credit problems with them, assisting those having no credit histories, and helping them finance the purchase of their home. Before a consumer applies for a mortgage loan, mortgage brokers often work with these consumers to help them review and correctly dispute their credit when necessary.

A mortgage broker does not simply press a few keys to provide the consumer with a mortgage loan. Nor are mortgage loans akin to products that can be picked from a shelf and paid for at checkout. Mortgage brokers perform a vital and unique role in assisting consumers in obtaining a mortgage loan.

Consumer Education: NAMB strongly advocates that our members never originate a loan to an uninformed consumer. Since mortgage brokers originate more than 65% of homes, we believe that we are in a unique position to provide education about home ownership to consumers. In the one-hour presentation, a mortgage broker explains to consumers industry terminology, highlights the home buying process, including what the process entails, explains the credit check process, and goes over the expenses associated with home ownership.

Not all states require mortgage brokers to be licensed, so you will have to check with your state government. The local Better Business Bureau is another place to check whether there have been any complaints about the mortgage banker or broker.








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