FINANCE MORTGAGE BROKER
Finance mortgage brokers are independent mortgage finance agents. They have access to many lenders and many different programs. In some cases, where credit is not flawless and nonconforming properties are involved, a finance mortgage broker can find funding for you. They charge a fee and are sometimes compensated by the lenders. They provide a great service for many consumers and originate over more than half of loans in the country.
Finance mortgage brokers normally originate the loan, process it and pass it along to a mortgage lender, who sells it to an investor. These investors range from state pension funds to government and quasi-government companies such as the Federal National Mortgage Association (FNMA), or "Fannie Mae"; the Federal Home Loan Mortgage Corporation (FHLMC), or "Freddie Mac" and the Government National Mortgage Association (GNMA), or "Ginnie Mae."
Finance mortgage broker carries great responsibility. Mortgage brokers deal with a variety of mortgage financing lenders and are usually able to pull together a larger variety of loan choices. As a Mortgage Broker you must be very familiar with State and Federal Regulations. Brokers in finance mortgage can easily and quickly put their customer's application in front of several different lenders. Finance mortgage brokers are experts at making the finance mortgage application process as quick and painless as possible. A mortgage broker's duty is to relieve most of the stress of applying for a mortgage.
The broker in mortgage finance is compensated on commission and generally tries to have higher closing fees. A mortgage finance broker is allowed to charge whatever he wants for loan processing or preparation of document and document processing.
When you shop around to finance your mortgage ask what the finance mortgage broker's fee will be. You can then make an informed decision as to whether paying the fee to your broker dealing in mortgage finance will be worth it if you get a better deal on a loan.