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Why Use Mortgage Banker CRAIG BREAREY .pdf



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Why Use A

M ortgage B anker ?

US Mortgage Corporation (NMLS ID#3901). Corporate Office is located at 201 Old Country Road, Suite 140, Melville, NY 11747; (631) 580-2600 or
(800) 562-6715 (LOANS15).
Branch Office: (NMLS ID#875077) 200 Lakeside Drive, Suite 270, Horsham, PA 19044. Residential Mortgage Lender License-New Jersey Department
of Banking and Insurance and Licensed Lender-Pennsylvania Department of Banking. Rates, fees and program guidelines are subject to change
without notice. Certain restrictions may apply. Some loans arranged through third parties. First mortgages only. Not all products and/or programs
are available in all states. This document is not intended as an offer to extend credit nor a commitment to lend.

T able O f C ontents

Who Is A Mortgage Banker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 01
Functions Of A Mortgage Banker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 03
Advantages Of Hiring A Mortgage Banker . . . . . . . . . . . . . . . . . . . . . . . . . . Page 05
Mortgage Banker vs. Mortgage Broker . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 09

Who Is A

Mortgage Banker?
Any institution, company, or individual that initiates mortgages is known as a mortgage banker.
Mortgage bankers make use of funds they borrow from a lender or their own funds for mortgage
lending. Once a mortgage has originated, a mortgage banker may possibly retain it in portfolio, or
can even sell the mortgage to investors.
When a mortgage has been initiated, the banker can service it, or the servicing right may be sold
to some other financial institution. The main business of a mortgage banker is to earn the amount
linked with loan origination. A large percentage of mortgage bankers do not hold back the mortgage
in portfolio.

Qualification of a mortgage banker
The most basic qualification that a mortgage banker should have is a graduation from a school that
is accredited and an associate’s degree. A proven track record of closing sales is also usually a
must and so is one year of experience in the financial industry.
01

www.usmortgage.com

Mortgage bankers should be able to present and speak confidently in front of groups of people
and must also have good verbal and written skills. It is important for a mortgage banker to possess
good negotiation skills and should also be able to perform both analytical and mathematical tasks.

Qualities
A successful mortgage broker will most likely be a people’s person who feels comfortable around
a wide range of people and personalities. They are usually very competitive, committed to
success, and embody a team playing attitude. Both the fiscal and professional rewards are great
motivators to achievement.

Compensation
A mortgage banker will usually be given paid training along with a salary. A commission is usually
paid on sales. Depending on the bank or institution, mortgage bankers even get compensated for
vacations, health insurance, and other holidays.
www.usmortgage.com

02

Functions Of A
M ortgage B anker

03

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Essentially, mortgage bankers are loan officers. Their forte is to offer financing to people who are
looking to buy homes or refinance their current mortgages. The role of a sales person is often
taken on by loan officers, which entails attending meetings related to real estate, events to source
new borrowers and home-buying seminars. Some parts of the entire process of lending are
regulated by the federal government, while other parts are regulated by banks or the institutions
doing the lending.
Banks usually have their own rules to decide if an applicant can qualify for a mortgage. For
instance, a banker can turn down an application for a mortgage in the event that a borrower does
not meet the credit limit of the bank.

Requirements
To be a mortgage banker, the first and foremost requirement is to know the product. A mortgage
banker must be aware of real estate, banking, lending and math. He must also be well-informed
about every type of mortgage he sells and should be able to match the appropriate mortgage to
the right borrower.
The mortgage banker must be driven to do sales, especially if his job is primarily based on a
commission, because then his salary will depend entirely on the sales he makes. He should be
able to market his product in the community and also make cold calls. A lot of time is spent by
mortgage bankers out in the field, meeting clients and trying to find new ones. It is apparent that
good social and customer service skills are a must.

Evaluation of your loan
Your mortgage banker will evaluate your credit history, financial information, employment status
and salary, which are all needed for a mortgage loan. Your banker will make sure you fill out all
the necessary loan documents, which could sometimes be confusing to a layman.
Any questions and doubts you may have about the loan process can be answered by
your banker.
Mortgage bankers use software to speedup the entire loan evaluation process.

Estimates of good faith
Mortgage bankers must furnish all applicants with a document
known as a good-faith estimate, which reveals the fees
that are charged right through the mortgage process.
The fee includes the amount needed for
obtaining home appraisals and
credit reports.

Declined mortgages
In case a mortgage gets declined, it is the
mortgage banker who will write to the applicant
and explain why so. Bankers have the right to
reject an application in case the applicant
carries more debt than their bank’s
qualifying guidelines permit.

www.usmortgage.com

04

A dvantages
O f H iring A
M ortgage B anker

05

www.usmortgage.com

www.usmortgage.com

06


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