Mortgage Brokering
By admin on Aug 6, 2010 in Real Estate Guide
If you are looking to find out more and learn about obtaining commitment from an appropriate lending source and facilitating the closure of a transaction/deal, stay tuned:
Here are just some of the process, competencies and actions you can expect to encounter as part of what has to happen, should unfold as part of this working relationship and transaction flow known as mortgage brokering:
- Explain the documentation and analysis required to make a competent decision to lend or not to lend.
- Making sense on things like commercial mortgage, private lenders, different funding sources (even private mortgages)
- How to recognize when to seek help from a broker, the benefits and rewards of dealing with this mediation type role working on the consumer behalf
- Describe the need for and implications of obtaining proper dates and signatures on documents from the borrower.
- Complete a Cost of Borrowing disclosure, amortization schedule, lender’s commitment, letter of direction , mortgage insurance, cost of Borrowing
- Explain the Cost of Borrowing disclosure, reviewing all terms and costs with the borrower.
- Facilitate the mortgage closing process
- Describe the methods used to track and monitor applications.
- Discuss the terms and conditions that must be fulfilled by the agent within the lender timeframes.
- Prepare documents for the insurance company, as applicable.
- Compare lender and borrower documents for consistency and accuracy.
- Specific scenarios, including complex ones, in which an agent should seek assistance from a broker
- Distinguish among private, commercial and residential mortgage transactions.
- Submit applications to an appropriate lender in accordance with lender requirements, including any Investor Lender Disclosure.
- Describe the purpose and content of the forms used to make disclosure to the borrower and lender.
- Review the commitment letter for institutional lenders to address a given application in accordance with lending practices.
- Prepare a letter of commitment for a private lender.
- Disclose terms and conditions to borrower.
- Explain the terms, conditions, costs and strategies of the commitment clearly and effectively to the borrower.