Mortgage Blog

Mortgage Broker Responsibility

By April 25, 2015August 30th, 2016No Comments

Choosing the right mortgage brokerage is crucial not only for getting the best deal possible but also for ensuring that all of the details of the transaction are handled correctly. There are many elements to conducting a real estate purchase, and mortgage brokers with experience and a track record of superior customer service make the process go much more smoothly.

Mortgage brokers have multiple responsibilities for each transaction. First, they shop the deal with their network of lenders to find the very best deal for each homebuyer. Amansad Financial has established a long track record of finding deals for clients who have had difficulty finding financing elsewhere. While we do use creative methods when our clients’ needs dictate, we also perform the additional due diligence that such methods require. By originating loans to sell to lending institutions, mortgage brokers strengthen their relationships with lenders.

As part of the due diligence, mortgage brokers look through applicants’ bank statements, income tax information, credit history and proof of income, such as pay stubs, CRA reporting forms and the like. If there are gaps between what the applicant has provided and what the lender requires, or what banking regulations require, the mortgage broker ensures that the regulatory requirements are met by getting the additional documentation necessary.

Throughout the process of completing the loan, a quality mortgage broker remains in regular contact with both the lender and the applicant to ensure that communication is clear on both ends. This includes making sure that the applicant knows the terms of repaying the loan. Ensuring that the terms of the loan are clear is an important part of superior customer service.

When it comes to finding the right loans for our clients, Amansad Financial has connections with a number of different types of lenders. We work with the “A” lenders every day — the banks and other lenders that extend the lowest interest rates and the best mortgages to borrowers with pristine credit scores and platinum income histories.

However, some of our clients have hit bumps in the road here and there. Events such as divorce, involuntary layoffs and long-term illness happen — and they can wreak havoc on people’s credit. Maybe the cost of cancer treatment ravaged their savings and left them behind on some of their most important bills. Maybe when the judge divided the marital assets, one person ended up with the house, but the other person ended up with the massive credit card debt. This is why we also have relationships with the “Alt-A” lenders — those who work with credit scores that are not quite so solid but are attached to people who have the means and the discipline to satisfy their mortgage. Interest rates are a little higher, so we recommend a term that’s just long enough to give our clients time to polish their credit score and get an “A” loan at renewal. The “C” lenders, or private lenders, are there for people who have had significant credit problems in the past but have overcome them — the trouble is that the credit bureaus haven’t knocked all of those negative items off. Again, short terms with this type of lender, even with a higher interest rate, gets our clients into home ownership while they work on their credit score, rather than being stuck in the rental cycle.

If you’re looking for a mortgage broker with a track record of outstanding customer service, give Amansad Financial a call today.