Welcome to Mortgage Guide
Mortgage Protection Insurance Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Mortgage Lender: The Broker
from:Choosing a mortgage lender is a profoundly important decision that should not be taken lightly. The quest for the best interest rates and terms is one that is well worth the effort. Some consumers find that they find the best packages through a broker instead of directly with a lender.
The mortgage broker does not provide lending and underwriting services. However, this valuable establishment services as a liaison between the consumer and the mortgage lender. This connective relationship can have remarkably prolific results that may come as a surprise.
Many suggest that the best and cheapest way to do business is to cut out the middle man. However, this is not always the case when it comes to dealing with mortgages. The role of the mortgage broker is to find the best loans for its customers as well as the best clients for its counterpart lending agencies. The result is often the ideal loan for everyone involved.
Broker Benefits
Mortgage brokers are regulated. These organizations are designed to meet standards and they ensure compliance with finance and banking laws. The specific laws are contingent upon the jurisdiction of the homebuyer. It is important to find out if your state has laws designed to regulate brokers.
The broker serves to attract clients for the mortgage lender. This marketing service is one that is of great value to both the homebuyer and the lending institution. The liaison works to fit the right lender with the right client depending on several factors.
The borrower’s situation is of particular interest. The broker looks at the homebuyer’s credit history as well as his current income and employment status. These factors are merged with an assessment of the various lending institutions and their respective programs.
Once a program that suits the customer is determined the broker seeks pre-approval from the mortgage lender. This process is quite consuming and includes organizing the essential documents and proof of income and completing the application form.
The homebuyer is provided valuable information about the legal disclosures involved in the home loan process. The broker provides this service in order to help the borrower gain a full understanding about the home loan package and his responsibilities as a borrower.
The broker then submits all of the paperwork to the mortgage lender for processing. This step is all important and it requires great attention to detail. The liaison is a powerful resource that works to ensure that your loan application is up to specification and that the entire process runs smoothly for you and the mortgage lender.
Mortgage Protection Insurance News
Homebuyers shun mortgage protection because of confusion over PPI scandal
You've heard about the disgraced MPPI, right? Wrong – that was PPI. Mortgage payment protection insurance is completely different, yet many people who could need it are refusing it The scandal surrounding payment protection insurance mis-selling could deter homeowners from buying insurance for their mortgages – at the very time that rising unemployment means they need it most, lenders fear ...
Read more...Genworth Mortgage Insurance Unit Announces Price Reductions and Expanded Credit Guidelines to Help Lenders Serve More ...
RICHMOND, Va., May 7, 2012 /PRNewswire/ -- The U.S. Mortgage Insurance (USMI) unit of Genworth Financial, Inc. (GNW) today announced a range of price and underwriting guideline adjustments that will ...
Read more...Residential Mortgage seeking Chapter 11 protection
Residential Mortgage seeking Chapter 11 protection The government-owned lender had been weighing a bankruptcy filing for Residential Capital LLC for some time, as the division has been burdened by old, souring loans. Ally, which was formerly the financing arm of General Motors Co., says it is also exploring strategic options for all of its international operations, which includes auto finance ...
Read more...Genworth Announces Two Leadership Changes in Mortgage Insurance Businesses
RICHMOND, Va., May 1, 2012 /PRNewswire/ -- Genworth Financial, Inc. (GNW) announces that it has named U.S. Mortgage Insurance President and Chief Executive Officer (CEO) Kevin Schneider as president ...
Read more...Ally Financial says its Residential Capital mortgage unit seeks Ch.11 bankruptcy protection
The U.S. government is hoping that Monday's bankruptcy filing by Ally Financial Inc.'s troubled mortgage business will help the company repay its government bailout faster.
Read more...