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Mortgage Brokers
When people apply for a home loan or mortgage, they typically go through a mortgage broker at some point. In fact, in a 2004 study, 68% of home loans originated at the hands of a mortgage broker. A mortgage broker is an intermediary who sources mortgage loans on behalf of individuals or businesses.
Traditionally, banks and other forms of lending institutions have distributed their own products. Due to the steep competition faced in the mortgage market, the role of the mortgage broker has become more popular and more prominent than ever before. Today, mortgage brokers are the largest distributors of mortgage products for lenders in the majority of developed mortgage markets. This is especially true in the United States.
Mortgage brokers do not run around randomly loaning money out. They are, for the most part, regulated to ensure that they comply with the banking and or finance laws of the jurisdiction of the consumer. The extent of regulation depends on the jurisdiction in which the broker is working. All but one state in the United States have laws that govern mortgage lending and mortgage brokers.
The job of a mortgage broker will depend on the depth of their service and liabilities. Some of these services include, but are not limited to:
- Undertake tasks, including marketing, to attract clients
- Assess the borrower's circumstances
- Assess the market to find a mortgage product that fits the client?s needs
- Apply for a lender's agreement in principle
Contact a Hard Money Lender
For more information on hard money lending and the entire mortgage industry, contact the hard money lenders of Pitbull Mortgage School at 858-736-7788 today.
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