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A mortgage loan officer isn’t always the same as a mortgage banker (though they work for one). The officer won’t make the decision to approve or deny you a loan; they just process it and ...
The nature and scope of a mortgage broker's activities vary with jurisdiction. For example, anyone offering mortgage brokerage in the United Kingdom is offering a regulated financial activity; the broker is responsible for ensuring the advice is appropriate for the borrowers' circumstances and is held financially liable if the advice is later shown to be defective.
A mortgage broker can save you money on the loan itself: Brokers have access to a broader mix of loans and lenders (including some you wouldn’t have access to as an individual). So they may be ...
Mortgage loan officers in the United States must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements. [3]
The mortgage business consists of a few people: the borrower, the lender, and sometimes the mortgage broker. The people that originate the loans are usually the mortgage broker or the lender. Depending if the borrower has credit worthiness, then he/she can be qualified for a loan. The norm qualifying FICO score is not a static number.
“A loan qualification is based on your taxable income shown on your personal 1040 federal tax returns,” says DeSimone. ... A mortgage broker might be able to steer you toward lenders who ...
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