mortgage broker

   mortgage broker

 A mortgage broker acts as an intermediary broker mortgage loans on behalf of individuals or businesses.
 Traditionally, other lending institutions have to sell their own products. However, as the market becomes more competitive for mortgages, mortgage broker's role has become more popular. Today in most developed mortgage markets (especially in Canada, USA, UK, Australia, New Zealand and Spain), mortgage brokers are the largest sellers of mortgage products for lenders.
 The majority of mortgage brokers regulated to ensure compliance with banking and legal atkeuangan in the area of consumer law; However, the extent to which these regulations depending on the jurisdiction. Only one state in the US do not have laws governing mortgage lending.
 Mortgage brokers find a bank or lender directly that an individual seeks to individuals looking for a particular loan. Mortgage brokers in Canada are paid by the lender and does not charge for good credit application.

 Task mortgage broker

 Banking activities can be divided into the following:
 Retail banking: dealing directly with individuals and small businesses
 Corporate banking: directed at large business entities
 Banking business: providing services to mid-market business
 Private banking: providing wealth management services to high-net-worth individuals and families
 Land mortgage banks: it specializes in originating and / or serve the land mortgage loans
 Investment banking: with regard to the activities in the financial markets

 Central banks usually state-owned banks, which are often charged with quasi-regulatory responsibilities, such as supervising commercial banks, or controlling the cash interest rate. They generally provide liquidity to the banking system and act as a lender of last resort in the event of a bank krisis.Kebanyakan generate profits, private companies, however, some are owned by government or non-profit.

 The nature and scope of activities of mortgage brokers vary by jurisdiction. For example, people who offer mortgage brokers in the UK offer regulated financial activities; broker is responsible for ensuring proper advice to the situation of borrowers' and financially responsible if the advice is later proved to be defective. In other jurisdictions, transactions by brokers may be limited to a sales job: pointing the borrower to the lender the right direction, there is no advice given, and collected a commission for the sale.

 Therefore, the work done by the broker will depend on the depth of services and their obligations.
 Usually the following tasks performed:
  state assessment of borrowers (Mortgage fact finding interview forms) - this may include assessment of credit history (normally obtained through a credit report) and affordability (verified by documentation of income)marketing to attract clients
assess the market to find a mortgage product that suits the client's needs. (Presentation Mortgage / recommendation)
 collect all the necessary documents (paystubs / payslips, bank statements, etc.)
 apply for creditor approval in principle (pre-approval)uphold their duty to their clients save as much money as possible by offering the best advice to a client state
      fill out an application form lender
      explain the law
      submit all materials to creditors

 Mortgage brokers in the US

 According to a 2004 study by the Wholesale Access Mortgage Research & Consulting, Inc., there are approximately 53,000 mortgage brokerage company that employs about 418 700 employees and derives 68% of all housing loans in the US. The remaining 32% is done through the retail channel retail lenders, which means the lender is not through a broker.
 During the loan process, which collects the broker and process documents relating to the mortgaged real estate.
 Mortgage broker industry is regulated by federal law 10, 5 and 49 federal enforcement agencies state laws or licensing board.

 Banks have used brokers to outsource the job finding and qualifying borrowers, and also to outsource some liability for fraud and foreclosure to the originator through a legal agreement.