Tasks of mortgage broker

[sivaji]

[B][SIZE="5"][COLOR="DarkGreen"]Tasks of mortgage broker[/COLOR][/SIZE][/B]

The nature and scope of a mortgage broker's activities varies with jurisdiction. For example in the UK anyone offering mortgage brokerage is offering a regulated financial activity; the broker is responsible for ensuring the advice is appropriate for the borrowers' circumstances and is held financially liable if the advice is later shown to be defective. In other jurisdictions the transaction undertaken by the broker may be limited to pointing the borrower in the direction of an appropriate lender and no advice given.

Therefore the work undertaken by the broker will depend on the depth of their service and liabilities. Typically the following tasks are undertaken:

[B][I][COLOR="DarkOrange"]Marketing to attract clients
Assessment of the borrowers circumstances. This may include assessment of credit history (normally obtained via a credit report) and affordability (verified by income documentation).
Assessing the market to find a mortgage product that fits the clients needs.
Applying for a lenders agreement in principle (pre-approval)
Gathering all needed documents (paystubs/payslips, bank statements, etc.),
Completing a lender application form.
Explaining the legal disclosures.
Submitting all material to the lender. [/COLOR][/I][/B]

[Troy]

That was a mighty first post

My question is...why?

[AnnAnderson1015]

[quote=sivaji;623][B][SIZE=5][COLOR=DarkGreen]Tasks of mortgage broker[/COLOR][/SIZE][/B]

The nature and scope of a mortgage broker's activities varies with jurisdiction. For example in the UK anyone offering mortgage brokerage is offering a regulated financial activity; the broker is responsible for ensuring the advice is appropriate for the borrowers' circumstances and is held financially liable if the advice is later shown to be defective. In other jurisdictions the transaction undertaken by the broker may be limited to pointing the borrower in the direction of an appropriate lender and no advice given.

Therefore the work undertaken by the broker will depend on the depth of their service and liabilities. Typically the following tasks are undertaken:

[B][I][COLOR=DarkOrange]Marketing to attract clients
Assessment of the borrowers circumstances. This may include assessment of credit history (normally obtained via a credit report) and affordability (verified by income documentation).
Assessing the market to find a mortgage product that fits the clients needs.
Applying for a lenders agreement in principle (pre-approval)
Gathering all needed documents (paystubs/payslips, bank statements, etc.),
Completing a lender application form.
Explaining the legal disclosures.
Submitting all material to the lender. [/COLOR][/I][/B][/quote]

There should be no complaining because the income a mortgage broker makes equals that of a medium size company.. can be in the six figures if he's a good mortgage broker.

[URL="http://www.vegasbestmortgage.com"]
[/URL]

[AlbertNamatzira]

Sometimes you may find that the advice that the brokers offer do not hold true or effective. The way out is to keep a tab yourself on the mortgages by connecting with entrepreneurs and like minded people through a good network such as this Central Investment Network.com

[shubh]

You have a few options in regards to how you buy your leads and what kind of leads you buy. Sometimes, leads are sold in large groups, whereas other times, you may purchase individual leads upon examining some of the details. Another option you have is to request the leads generated for you to fit a certain set of criteria. Following up on prospects is key. One must follow up on all prospects within a reasonable amount of time and as may times as possible, within a reasonable period of time.