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San Diego Mortgage Companies
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San Diego Real Estate Appraisals Link Exchange and Directory
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San Diego Mortgage Brokers and Companies
A San Diego mortgage broker is a licensed professional who acts as a middle man between borrowers and lenders. Over 80% of home loans issued today are negotiated by brokers. The banks have used brokers to effectively outsource the job of finding and qualifying borrowers, and also to outsource some of the liabilities for fraud and foreclosure onto the originators through legal agreements.
During the process of loan origination, the San Diego Broker gathers and processes paperwork associated with mortgaging real estate.
Difference between a San Diego mortgage broker and a San Diego loan officer:
A San Diego loan officer acts as the conduit between buyer and lender. Most states require the mortgage broker to be licensed, others do not. States regulate lending practise and licensing, so this is different all over, however, most have a license for those who wish to be a "Broker Associate", a "Brokerage Business" and a "Direct Lender".
A San Diego mortgage broker is almost always registered with the state, and personally liable (punishable by revocation or prison) for fraud for the life of a loan. A loan officer is typically not liable for their actions, and are working under the umbrella license of the institution they are at.
A San Diego loan officer usually connotes someone who works for a lender, and has some sort of hand in the internal processes of a lender. A San Diego broker is exclusively using the money of others to table fund their loans.
Tasks of San Diego mortgage broker
* Marketing to attract clients,
* Taking an application (form 1003),
* Gathering all needed documents (paystubs, bank statements, etc.),
* Walking the clients through legal disclosures,
* Pulling and studying the clients tri-merge credit report,
* Shopping for a loan product that fits the clients needs,
* Processing the loan (This may be performed by a Processor),
* Submitting all material to the lender and to an escrow company
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