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mortgage broker

A mortgage broker acts as an intermediary who sources mortgage loans on behalf of individuals or businesses.

Traditionally, banks and other lending institutions have distributed their own products. However as markets for mortgages have become more competitive, the role of the mortgage broker has become more popular. Today in most developed mortgage markets (especially the U.S., UK, Australia, New Zealand, Spain and Canada) mortgage brokers are the largest distributors of mortgage products for lenders.

The majority of mortgage brokers are regulated to ensure compliance with banking and or finance laws in the jurisdiction of the consumer; however, the extent of the regulation depends on the jurisdiction. Only one state within the U.S. has no laws that govern mortgage lending.

sunnylv702 asked: "We're working with a Mortgage Broker who seems inexperienced. Does anyone know what they are responsible for; what their duties are? Also, if she forges any documents that go to the underwriter are we liable? She told us we were approved but came back to us saying the underwriter needs more docs, letters of explanation, etc. Some of the stuff we just don't have and I get the feeling we will be denied if we can't provide them. She says she'll get it done "one way or another". We've been denied once. We're exhausted with the whole process and can't understand why she says we're approved and then needs more stuff!!!!"

Question posted courtesy of:

Biggie @ Arbor Mortgage replied: "If she write an explanation letter, you will have to sign it @ close. She can't forge any docs. If you don't provide what they are asking for, you will not get the loan! It's as simple as that! The reason she is asking for more docs is because the underwriter is asking for more.It sounds like you don't trust her & if that is the case, find another broker."

Bob F replied: "First of all, a broker should be able to explain what it is they do. And there are many sites where you can get that information from credible sources. To me, that is enough reason not to work with this woman.I'm sorry to say that it does not sound like you are approved. In fact, to even be properly PRE-approved you should have been required to submit your income and asset statements, and had your credit pulled. Your employment and housing history may have been requested later as a "condition" by the underwriter to verify the info supplied on the application.It's too important a transaction to work with someone who has you feeling uncomfortable, and you can choose a knowledgeable, honest broker to work with (though it seems you do know how to identify one). This woman may not know all of the loan programs that could potentially (and legitimately) suit your needs.The fact is, if you don't qualify, you don't qualify. But if someone forges documents, and you sign them, you have both committed fraud. It's a federal offense ... not golf camp.If I were you, I'd step back to catch my breath and clear my head. I'd go ask another broker to seek PRE-approval (for free, quickly, and you are not obligated). If you can qualify in a legal and compliant manner ... great. If not, at least you will know what the issues are that need to be addressed, and then you could work on it and try again later.Be careful, and good luck."

ADP_14 replied: "One way or another does not necessarily mean fraud, but you should definitely ask for an explanation. For example, if the underwriter wants to see tax returns or W2, and you can't find them, there are ways to get copies of them directly from the IRS. This is perfectly legal. What documents can't you find?"

Big daddy replied: "I will say this, you may be working with an inexperienced broker, the crisis has weeded out some less ethical people as it should. Many brokerages are hiring new people. Also remember that laws change every day for the states and brokers (I am one) can be licensed in mulitple states, thus making it very difficult to keep the mountain of paperwork straight. That being said, it is their job to understand the paperwork and have a working knowledge of what is required. Are you liable, no, it's not your job to know what docs have to be signed for regulatory/audit purposes, you job is to ask questions, know what program you are being offered and pick the best option that fits your families dreams today, next year and 20 years from now. Bob had a point, to be truely pre-qualified, you should have provided some documents. Underwriters will require more docs, they always do. It's rare that anyone gets everything to an underwriter on the first try. Each lender has their own underwriting requirements thus I completely understand the frustration on your part, but this is what the mortgage crisis has done, lenders are crossing every T and dotting every I. If you feel they are committing fraud, request a copy of the commitment letter from the bank so you can see the conditions for yourself. Ask me a question if you need to as well. Be patient, ask questions and be fully informed. good luck"

Dennis S asked: "I simply cannot seem to find legitimate information on becoming a mortgage broker in California. Many of the web sites that purport to have information really share very little of anything and some are just plain frauds. I'd like to find information on mortgage broker training and possibly information on finding a school (preferably Los Angeles) where I can get training on becoming a mortgage broker."

Question posted courtesy of:

mosquitojammer replied: "What are you thinking BRO that is a bad job especially this time of the year. You only get two applicants a week. No houses selling."

Wondering???? asked: "I know the mortgage industry is in a mess right now, but I am looking toward the future when we rebound. Wondering what requirments there are to become a mortgage broker in Ohio. I am looking to work this industry on the side, as I already have a full time sales job. Also what are the typical commisions paid to brokers for sub-prime, prime, and jumbo mortgage loans...is this split with the company you work for? I already work 100% commission, so that is not a problem. Any input on this career is greatly appreciated, ie the ups and downs."

Question posted courtesy of:

Traverse City Agent replied: "Here's a link to the application required by the state. It included a list of requirements to be eligable. I would start by getting some of the required education. You may want to also work for a company before typing to open your own brokerage. Even if you only work in a related field it will be very helpful later on. Such as as a real estate assistant to a successful real estate agent."

Hitesh P asked: "HiI want to know, according to UK laws and FSA regulations what can I do if my mortgage broker lied to the lender about my income? I accidently came to know this and broker is not yet accepting this. Mortgage lender is now asking for income proof (which broker wasn't expecting) which would result in rejection in mortgage application. I have signed the document that the information in application is correct, but whatever was shown to me was different info. and not the one which is sent with application. and application was made on date prior to my signing date. What can I do to teach them a lesson, to get compensation. prefferably I do not want to spend money in hiring lawyer. The firm is FSA regulated, but it does not comply with FSA in this matter."

Question posted courtesy of:

kate replied: "Call FSA and inquire with them . . .>"

kokopelli replied: "Looks like now the broker is going to have to alter your proof of income to match what is on the application. This could get to be a real mess. Over here that is called fraud."

Mopar Muscle Gal replied: "sounds like all you want is $ compensation"

northville replied: "Do not go to the closing. Cancel the mortgage application, and go to the bank for your mortgage. Get the mortgage that you can legally qualify for and don't get in over your head. Lenders are putting everyone under a microscope right now."

Pengy replied: "You signed the application with the information as stated, and thus will be held to that. You can claim someone changed it, but can you prove it? Hate to say it but it sounds more like you also tried to get away with something (IE knew it was wrong) but thought you could get away with it, and now where caught and am looking for a scapegoat . Now you want them to pay because you are not eligible for the mortgage. Give me a break"

Nelson asked: "I am fresh out of a college. Not just any college; a community college. And I need step by step how to become a mortgage broker or mortgage agent please. Thanks alot."

Question posted courtesy of:

nostalgia80 replied: "Get a job at the Mortgage Broker Office.at first, you'll just answer phone calls and all, but eventually, you'll either be a processor or agent."

MrAnswers replied: "Are you sure thats a business you want to go into? Your entering a very tough market were people are leaving the business and not entering it because its so tough."

Mudisfun replied: "You have 2 options available to you. First option is to go work for a direct lender as an originator. This will allow you to get to know the business and you will work under their DOC license. If licensed under the DOC then the individual employees do not need to be licensed.Second option is to go to work for a Broker. To be a loan officer (originator) you will need to enroll and complete a real estate princiapals course, then schedule with the Department of Real Estate for your sales persons license exam. Once you pass and pay the state their due you will then have a real estate license. This will allow you to originate loans and represent buyers and sellers in Real Estate transactions.The above poster is correct in pointing out that the market is difficult right now. Many lenders and brokers are closing their doors due to slowing in the industry. However, people are still buying and selling homes and there will always be a need for agents and loan officers.Best of luck to you!Kevin 949-375-2380"

Why use a mortgage broker?That's a pretty good question! Why should you use a mortgage broker? Well, look around. The media’s favourite theme seems to be how difficult everything is becoming, particularly, the housing and mortgage markets. Banks seem to have increased charges here there and everywhere or simply stopped lending at all.

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