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Real Estate Pros : Mortgage Agent and Broker Last Updated: May 14th, 2012 - 22:24:01

Begin Your Mortgage Origination Career

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The Mortgage Industry has grown tremendously over the last decade. Types of Mortgage Loans, especially for home buyers, have increased greatly. With the kind of financing options available to the home buyer, it is difficult for the home buyer to make informed decisions and chose the right kind of loan. This is where Mortgage Origination can be extremely useful.

Mortgage Origination is the process of consulting the home buyer of various mortgage loan packages and helping the buyer make the right decision based on his/her requirements and other factors. An individual or a Bank that offers such a service is known as the Mortgage Originator. Simply put, a Mortgage Originator acts as a consultant to the Home Buyer and helps him/her in selecting a home loan best suited to their needs. The Originator acts as an intermediary between the Home Buyer and the Loan lender.

The main advantage of hiring a Mortgage Originator is that as a Home Buyer, you can get expert, impartial advice on various home loan packages. Every Bank or Institution that offers home loans would try and sell their own products aggressively, always highlighting their strong points. However, to get a clear idea of the pros and cons of each loan package and how well they suit your needs, you must be able to compare these packages without having a biased approach. The Mortgage Originator achieves this for you.

Moreover, an originator would also handle the loan process to ensure that the loan is cleared smoothly and efficiently. In other words, the originator would facilitate the loan approval process. The approvals are faster as Banks and other lenders always offer priority service to Mortgage Originators. Besides, the Mortgage Originator usually shares an alliance with more than 20 lenders. Thus, going to one Mortgage Originator is as good as visiting 20 mortgage loan lenders. This saves enormous time and effort.

The services Mortgage Originators provide is very similar to the services provided by Mortgage Brokers. However, like in the case of Brokers, you do not even have to pay a fee to the Mortgage Originator. The Originator charges the loan lender a fee. Besides, in the case of Mortgage Originator, you do not have any obligation to sign up for a loan. You may only consult the originator. This is a great benefit.

The steps involved in the Mortgage Origination process are as follows:

  • You finalize the deal with the Real Estate Seller/ Agent
  • The Agreement with the agent/seller is signed
  • All information regarding the payment and kind of loan financing are then sent to you and the Mortgage Originator
  • The Mortgage Originator would then contact you along with all possible options for mortgage financing based on your requirements and needs.
  • The originator would then assist you in choosing the best mortgage loan option.
  • Once you choose your option, the Originator would then prepare all necessary documentation and forward these to the Bank or Lender you have chosen.
  • The Originator then monitors the entire loan approval process giving your frequent feedback.
  • The outcome of the approval process is then conveyed to you. If the loan is approved, on your approval, the Originator confirms this to the Bank.
  • The Originator then discusses any legal requirements and contacts concerned parties for obtaining the loan.

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