mortgage brokers
A
mortgage broker
acts as an intermediary who sells mortgage loans on behalf of individuals or businesses.
Traditionally, banks and other lending institutions have sold 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 sellers 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.
Ice
asked:
"I'm looking for 2 mortgage brokers, Donnie and Terry with Eagle One Properties or Eagle One Real Estate out of Nashville, Tn or the surround area. Does anyone know how to get a hold of them?"
Question posted courtesy of:
BM replied:
"try doing a people search online. Are you in the market for a loan if I may ask?"
Carson
asked:
"I heard that mortgage brokers drive Porches and make tons of money. By and large, how much does the average mortgage broker make?"
Question posted courtesy of:
Yrent.com replied:
"There is no set amount the average mortgage broker makes. It is a sales buiness and all depends on the amount of business they do on a given year. the last 6 years have been really good for us. So there is a boom of Brokers showing off their earnings."
pattibcacl replied:
"They have allot people come and get mortgages they must make money helping people"
Richard M. Johnston, Realtor replied:
"How successful do you want to become?"
actingnormal replied:
"Depends on the person. Two items that affect their income is volume (number of loans they close) and how aggressively they price their loans. With the real estate market booming and the rates being so low the last three years, loan officers stood to make quite a bit (everyone was buying and refinancing). Even inexperienced loan officers did well previously. When the market was hot, I saw good loan officers making around the $300,000 mark. But now things have slowed sales wise and rates have risen (not as many refinances). Some who made easy money previously have little to no pipeline now. Its sales - you need to build a referral base and be persistent. A good loan officer can still make over $100,000 per year. It can be a tough business (just like any competitive commission sales career)."
lesley-ann s
asked:
"I am looking to get a mortgage with future mortgages but I have phoned them and they only deal direct with brokers so now I need to find a broker. Or any brokers that could get 100% mortgage for people with bad credit?"
Question posted courtesy of:
niccog26 replied:
"I know that Manning Staintons deal with Future Mortgages as this is who we have our mortgage with. As far as I know Manning Staintons do provide an independent financial service. It may be worth contacting them!"
charlottelovesshane replied:
"mortgage masters, the square, kenilworth, warwickshire. sorry dont know the phone no. they are really helpful, and can even arrange surveys, solicitors etc. one guy, andy sorted it all out from start to finish, really nice bloke. good luck!!"
Jennifer M replied:
"The industry has become much tighter with 100% loan to value mortgages. How bad is "bad credit"? Have you looked at your credit? Are you prepared to show your financial information to the lender (tax returns, paycheck stub, recent bank statement)? If so, there are many Fannie Mae programs that you may qualify for. Or with a little more money down - FHA. I can still do it - depending on the terms. I am not sure if the retail banks will do it. For instance, I work with Long Beach Mortgage which is owned by Washington Mutual but I'm not sure if Long Beach has a retail side that consumers can contact direct. If your credit is below a 620 middle score it will be more difficult to purchase. If you credit is very low you will be charged a higher interest rate. This may offset the benefits of buying. You may want to consider renting something affordable while working on your credit and saving money to qualify for the best programs. I use transunion credit monitoring for my credit. (( )) $15 per month and you will get to see your report with all three scores with updates when there are changes to your report. Bring a print out when looking to get qualified the the lender/broker will be able to get a better idea of what they can do without everyone running you credit.Good luck and Best Wishes!!"
Jimmy John replied:
"A mortgage broker will definitely help."
Rosemary V
asked:
"With lenders closing their wholesale departments, what do you think the future holds for all the mortgage brokers out there? Do you think that wholesale will disappear, and there will only be retail or warehouse lending? Please let me know your thoughts, or if you have heard any rumblings!"
Question posted courtesy of:
thislittlegal replied:
"wish I knew."
lily replied:
"Not sure what will happen to them. I think a change in career is in line. Washington Mutual just announced the closing of their wholesale and their retail lending. Does not look good."
Steve L replied:
"Walmart greeters?"
TruthMastaT replied:
"The future is NOT GOOD for mortgage brokers! The National Association of Mortgage Brokers (NAMB) is having to do some fast talking to convince everyone that these are capable, honest and competent professionals. One of the actions that the NAMB is working on is to adopt a Code of Ethics that all licensed brokers would be expected to adhere to. I'm afraid this might be the classic example of "too little too late." I'm sure there are many excellent brokers out there. However, with the subprime boom, people were coming out of the woodwork to become mortgage brokers to make some fast money. Unfortunately (but not surprisingly), many of these new brokers had no idea what they were doing and just cared about making a lot of money. They didn't care whether their clients could actually make the payments or not or whether the latest loan product was right for them. Unfortunately, I think that most major mortgage companies will dump their Wholesale operation (as Washington Mutual announced yesterday) because Retail is less risky (since you're not relying on the integrity of a third party). With all the scrutiny mortgage companies are under, they're doing everything they can to reduce or eliminate risk. Taking loan origination completely "in-house" is one way to do it. Maybe the NAMB will be able to save the day by rehabilitating (to some extent) the reputation of mortgage brokers. However, I am not very optimistic about this. If the major mortgage companies pull up the "welcome mat," then the brokers will have no choice but to go out of business. If a mortgage broker asked my advice, I would recommend that they try to get a job as a Retail Loan Officer with a major mortgage company. I'm sure the Wholesale Market will come back eventually but I doubt it will be anytime soon. The good ones will survive but this situation will definitely separate the "wheat from the chaff" (which is a good thing). Thanks!"
Carmen W
asked:
"What are some "cons" as to why mortgage brokers and lenders aren't hiring their loan processors from home? Especially in the new age of "paperless" offices?"
Question posted courtesy of:
Rob B, of MD replied:
"Because of the privacy issues with borrowers credit information, for one - the Lender has control over what is in its own offices. Also, as for the brokers, they're on the road, often, anyway, so when they do need to return to a desk, it should be at the office. I hope this helps.Good luck!"
Real estate property also avail the services provided by mortgages business to purchase and sell their property. Purchasing real estate property through mortgage or expanding the real estate property with the help of the mortgage provided by the mortgage lenders, brokers and business.
Great tips for New Home Buyers. Credit is tightening up and you have to be even more diligent that before. Realtors and Brokers should be preaching this to their prospective Buyers. In fact, if your a buyer and you have not done this....don't even talk to a Realtor until you have checked out your credit scores.
ActiveRain real estate profile for Oak Valley Mortgage-California Home Loans ... My name is Scott Gormley, Broker/Owner of Oak Valley Mortgage and I thank .
Bad Credit Mortgage - Our mortgage brokers aim to offer best mortgage rates for bad credit mortgage, buy to let mortgage, re mortgage, first mortgage, and overseas mortgages. Also offer a free mortgage calculator.
Mortgage marketing is simple when you have the right mortgage marketing tools. But too often mortgage brokers look past the obvious or get caught up in the panic created by media. This article helps keep it in perspective and reminds brokers mortgage marketing can be simple.
