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The best Mortgage Broker service in Kansas City, Missouri
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What is a Mortgage Broker?
A mortgage broker is a real estate financing person or company that specializes in the origination of residential or commercial mortgages. Professional Mortgage Brokers, like Best Mortgage and Loan originate over half of all residential loans in the United States.
A mortgage broker originates loans offered by several wholesale lenders. By Offering superior market expertise and direct access to many different loan programs, a mortgage broker provides the consumer the most efficient and cost-effective method of obtaining a mortgage that fits the consumer's financial goals and circumstances.
When you apply for a mortgage loan with a professional brokerage like Best Mortgage and Loan the slogan “Lenders compete,…you win!!” really is true. We do the legwork. You get the great loan with the great rate!!
Duties of a mortgage broker
The nature and scope of a mortgage brokers’ duties vary by state and jurisdiction. Typically a Mortgage broker is responsible for ensuring their advice is appropriate for the borrowers’ circumstances and is held financially liable if the advice is later shown to be defective.
Typically, providing the following services are paramount to an outstanding mortgage broker like Best Mortgage and Loan:
- Assessment of the borrowers circumstances. This may include assessment of credit history, affordability (verified by documentation or otherwise).
- Assessing the market to find a mortgage product that fits the client’s needs.
- Applying for a lenders agreement in principle (pre-approval)
- Gathering all needed documents (paystubs, bank statements, etc.),
- Completing a lender application form.
- Explaining the legal disclosures.
- Submitting all material to the lender.
Over 80% of home loans issued in the US today are negotiated by brokers. The banks have used brokers to effectively outsource the job of finding and qualifying borrowers, and also to outsource some of the liabilities for fraud and foreclosure onto the originators through legal agreements.
The U.S. Government Strictly Regulates Mortgage Brokers under the following laws and acts:
Real Estate Settlement Procedures Act (RESPA) Prohibits cost-increasing abusive practices such as kickbacks and referral fees and requires advance disclosure of settlement service costs.
Truth-in-Lending (TILA) Requires disclosure of the cost of credit to the consumer and the terms of repayment.
Equal Credit Opportunity Act (ECOA) Prohibits discrimination in lending.
Fair Credit Reporting Act (FCRA) Stipulates the requirements of users of credit reports and disclosure to consumer.
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