Responsibilities of a Mortgage Broker in Honolulu, Hawaii
A mortgage broker serves as a mediator between a borrower and a lender. It is the person who sells mortgages on an organization’s behalf. The responsibilities of brokers serving in Honolulu, Hawaii are governed by the city’s jurisdiction. Continue reading to get an idea about the variety of duties a skilled mortgage broker may have to perform.
A mortgage broker may have to interview a borrower to verify his/her financial data. Such interviews help a broker to determine the financial conditions of a borrower. This also includes verifying employment, income, and credit information.
It is the responsibility of a qualified mortgage broker to conduct enough research to come up with the most appropriate loan and reasonable mortgage rates that can satisfy the clients’ demands.
Being a mortgage broker, you may have to consult with your clients on a regular basis to decide the best choice for refinancing or home loan. It is also your responsibility to file for mortgage pre-approval on your clients’ behalf to a particular mortgage lender.
A mortgage broker has to fill a client’s mortgage application form in all respects. It may involve compiling necessary documents including tax information, bank statements, pay stubs, employment details and credit record.
A mortgage broker in Honolulu, Hawaii is responsible to explain all applicable legal terms and conditions to his/her client. Moreover, a broker should conduct business dealings with integrity. In this regard, he/she must not mislead the lender or borrower by withholding information.
A mortgage broker has to provide a GFE (Good Faith Estimate) to all clients. This includes a detailed list of costs and fees related to the borrower’s mortgage. You should provide this list within 3 days after submitting a mortgage application.
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