Many governments and states are modernizing the legislation that regulates the mortgage brokering industry. Proposed new legislation to replace the current Mortgage Brokers Acts keep making its way onto the books and into the marketplace with regards to all Mortgage Brokerages, Lenders and Administrators. Financial Services Commissions and other bodies conduct technical reviews of mortgage agent and broker proficiency that would complement the proposed legislative measures to ensure consumer protection.
There are regulations and licensing, educational requirements of/for mortgage brokers and agents to ensure more consumer protection and less fraud and exposure in the industry and market, profession as a whole.
Training, assessment and delivery for mortgage brokers and agents vary and mortgage professionals all work to ensure there are the necessary skills, knowledge and ethics necessary to protect consumers and enable the industry. Mortgage brokering is about encouraging greater competition and choice for consumers.
Mortgage brokers bring to the table the ability to:
– Analyze the contextual framework in which mortgages are transacted
– Be able to describe the roles of the various participants in the mortgage brokerage industry.
– Knowledgeable as to the “Standards and Practices and how these apply to the mortgage application process”,
– Knack for and contacts to tap into for providing “different funding sources (prime/subprime/ MBS/private lenders”etc.)
– Providing consumers with the ability to get a snapshot or “overview of the industry; key
– Access and insight into the different market players and the roles they play; regulations and what is available, best for them (the consumers).
– Provide insight and answer question as to the detailed transactions, rates, impact of mortgages and how they are transacted
– Fully describing the steps involved in the mortgage application process.
– Lay out the procedures for mortgage lending and servicing, with related skills in and Mortgage “sales” expertise, exposure and up to date information,
– Provide other, better, alternative, best financing and funding options, based on contact, work, reputation, networks, knowledge on/in mortgage administration
– Explaining in common language all the components and mechanics of a mortgage and how it will affect and transact, rates, risks, penalties etc.
– Analyze the requirements, process, security documentation and remedies for residential and commercial mortgages.
– Interpret print communications used in the industry such as product manuals, publications and rate sheets.
To name but a few, there are many other key things to look for in order to find the best mortgage broker for deals in your local area, ask around and search online, work of mouth referrals, will soon set you on the track of the top-performers who know their way around.