Mortgage Broker

Buying a house can be a difficult, confusing, and even an overwhelming task. It causes most of us undue stress to worry about how we are going to afford and pay for our dream home. This is where your friendly neighborhood Mortgage Broker comes in. A mortgage broker works for the homebuyer and banking institution and acts as an intermediary to assist them in working together. The broker helps the banking institution to find the proper qualified clients, and the client to find an institution that is willing to offer them the money needed to buy their new home at the best rates and conditions. In the past banks, and other lending institutions, have directly offered their own loans to their local bank customers. But in today’s Internet competitive market, the importance of the mortgage broker has taken a more valuable role.

The Mortgage industry, including Mortgage Brokers, are regulated to require compliance with their local banking and finance laws. Each jurisdiction will have their own regulations to adhere to. Banking activities can be divided into the following areas: retail, business, corporate, land, private, and investment banking.

Mortgage Brokers accomplish many tasks for both banks and their customers. Typically they will conduct: marketing to attract new clients, interview the client to determine their income and circumstances, including their credit history, research the market to find a mortgage product that fits their client's needs and budget, applying for a lenders pre-approval agreement, putting together all needed documents from their client, assist their client in understanding and completing a lender application form, explaining the legal disclosures and conditions of the proposed home loan, submitting all documents to the banking institution, all while upholding their duty to save their clients as much money as possible, and offer best advice for the client’s unique situation.

All Mortgage Brokers should wisely invest in an Errors and Omissions Insurance Policy to protect them and their businesses. ACE Financial offers Mortgage Brokers the Errors and Omissions Policy protection they need when serving their clients. The home-buying process is foreign and confusing to most buyers. Therefore, many terms and stipulations may be misconstrued or forgotten completely. Emotions are high as they are focused on moving their families to their new home and location. There are many other important situations in their lives that must also be addressed at the same time. Your customers may say or do whatever is necessary to “just get this ridiculously long and tedious process over with”. ACE is there with a comprehensive E&O Coverage to protect the Mortgage Broker when their client comes back with a problem, concern, or misunderstanding of the contract provisions that were clearly outlined to them at the closing table. Get an E&O Quote, and then buy an Errors and Omissions Policy from ACE today. Get your ounce of prevention...