A mortgage agent works as agency between the lender and the buyer. Most of the states require the mortgage agent to be licensed. States control lending rates and licensing, but rules can vary from state to state. A license is required for those who wish to be broker associate or a direct lender.
A mortgage agent is associated and registered with a state and punishable by the law if any type of fraud is detected in the entire life term of a loan. The position of mortgage agent is moral, legal and professional. A mortgage agent discloses all the terms and conditions to both lender and consumer clearly.
Mortgage agents should be licensed through National mortgage license system. The purpose is to enhance and improve the supervision of industry, to create consistency for license requirements, better communication and to automate the process of licensing.
Qualification/Experience Requirements of a licensed Mortgage Agent
· Person should be from Marketing or sales background. Also banking background can be also very helpful for a Mortgage agent.
· Person should have good knowledge of lending rates, terms and conditions and lending institutes which provide the loans.
· Person should be very familiar with the credit-worthiness and credit reporting criteria.
· Person should be proficient in mathematics and having very good writing and verbal and interpersonal skills.
1. Mortgage agents are professional and licensed by the state in which they work. They have very high level of professionalism and have all the developments and offerings in the industry.
2. Mortgage agents should have established place for business. Mortgage agents have chosen mortgage agent as his/her career and given their commitment for the long term to industry.
3. Mortgage agents have a good range of products in order to meet the customer needs – independent lenders, mortgage banks, private sources. Lender only deals with the broker after completing the selection process, interview, reference checking and obtain a copy of agent license.
4. Mortgage agent should have good interpersonal skills and should have very good rapport. Because it is all about the trust, relationship and credibility of a mortgage agent.
5. Mortgage agent’s professional job is to come ahead to the forefront, learn about the new array of products currently in the market which are available and best suit the needs of their clients. Normally, a mortgage agent gets the referral fee which is paid by the lender instead of the client. The responsibility of mortgage agent is to provide the best interest rates to ensure that the homebuyer will get the best interest rates from lending institutions and they don’t need to negotiate with them.
In fact, a survey shows that mortgage agents save customer’s money by providing lower rates of interest. A mortgage agent accesses the needs of customer and then carefully takes decisions on behalf of the customer to get the best rates, such as variable versus fixed rates, or lump sum amounts. A mortgage agent also help the customer and guide to complete the process for submitting applications, supporting documents required by the lending institutes. If there is any confusion in the terminology, your agent will help to explain the information providing in the terms and conditions set by the lender and steps required to close the transaction.