Frequently Asked Questions

Why choose a mortgage broker?
Two out of three Americans do. Brokers provide consumers with:

-Choice
-Convenience
-Expertise

The consumer receives an expert mentor through the complex
mortgage lending process. The broker offers the consumer
extensive choices and access to affordable home loans while
balancing the consumer's financial interests and goals.

Have more Americans been able to buy homes because of
mortgage brokers?
Yes! Mortgage brokers have pioneered the subprime credit
market, using innovative loan packages to allow low-to
moderate-income borrowers, with less than perfect credit histories,
to start enjoying the benefits of home-ownership. Many low income
borrowers with less than perfect credit histories would not have
been able to purchase their dream home without the assistance
and dedication of a mortgage broker.

Are mortgage brokers lenders or bankers?
Neither. A broker is a real estate financing professional acting as
an independent contractor. The range of products and services
offered through brokers, and by brokers, is evolving rapidly.
There are circumstances when brokers may act as bankers,
funding their loans. However, the majority perform origination
services up to the point of funding.

Does the mortgage broker really care about the quality of the
loan itself?
Yes, absolutely. The safety and soundness of the mortgage
lending community is directly linked to the success and integrity of
its home loan originations. Furthermore, mortgage brokers
represent the single largest residential origination source today,
emphasizing that they play a significant role in the mortgage loan
process. These numbers highlight the fact that consumers who
exercise their choice, choose mortgage brokers; most likely
because brokers are dedicated to their customers: consumers,
wholesale lenders, and ultimately, American taxpayers.

Should brokers be regulated?
Brokers are regulated by several federal laws and regulations and
dozens of state laws and licensing boards. NAMB (click link to read
a letter to the FTC) supports reasonable and fair state and federal
regulation of mortgage brokers and lenders. The industry is
regulated by 17 federal laws and numerous state and federal
regulations.

What role does the broker pay versus the wholesale lender?
The wholesale lender underwrites and funds the home loan, may
service the loan payments, and ensure the loans' compliance with
underwriting guidelines. The broker, on the other hand, originates
the loan. A detailed application process, financial and credit
worthiness investigation, and extensive disclosure requirements
must be completed in order for a wholesale lender to evaluate a
consumer's home loan request. The broker simplifies this process
for the borrower and the wholesale lender, by conducting this
research, counseling consumers on their loan package choices,
and enabling them to select the right loan for their home buying
needs.

The mortgage loan process can be arduous, costly, and
seemingly impossible to the consumer. The broker works as the
liaison between the borrower and the lender to create a cost
effective and efficient loan process.

Do brokers work for the wholesale lender or the consumer?
Neither. As an independent contractor, the broker allows
wholesaler lenders to cut origination costs by providing such
services as preparing the borrower's loan package, loan
application, funding process, and counseling the borrower.
Brokers help keep loan rates low due to their minimal overhead
and setup costs. Furthermore, the broker will seek the loan which
best suits the borrower's financial circumstances, needs and
goals. From the consumer perspective, with rare exception, the
broker does not get paid unless and until the loan closes. Thus,
the broker has the ultimate incentive to provide the best possible
customer service to the consumer.

Isn't the broker supposed to get the best deal for the
consumer?
Since mortgage brokers offer the products of many wholesale
lenders they often can offer consumers a wider selection of loan
products. This question presumes that anyone can know what is
"the best deal." While many would consider "the best deal" to
mean "the lowest rate," a loan program with a very low interest
rate may not be the best choice for a consumer with limited cash,
if that rate comes with high points and fees. A 15-year loan may
save a borrower tens of thousands of dollars in interest payments
of a 30-year loan, but the higher monthly payments may be
acceptable to the consumer. So, "the best deal" for any consumer
depends on his financial circumstances, needs and goals. (also
see "The right way to shop for a mortgage")

Today over two-thirds the nation's mortgages are originated by
mortgage brokers. This clearly indicates that consumers are
choosing the superior options, service, and expertise offered by
mortgage brokers. Brokers have forced retail lenders to compete
with other loan sources driving down costs nationwide.




What do mortgage brokers do? Find out from Ms.
Mortgage Broker!

Ms. Mortgage Broker and the American Dream

Video About Mortgage Broker's Role - 4 Minutes

This video was developed to educate lawmakers and consumers
about the important and involved role mortgage brokers play in
the home-buying process.


Play High Quality Video (13 MB)
(For faster computers and Internet connections)

Play Low Quality Video (5 MB)
(For slower computers and Internet connections)

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As you can see, Mortgage Brokers provide a valuable service. And this is just the
beginning! When you work with Paul Spenard, he will not only get the best loan for
you, he will also show you how to use that mortgage as a tool to get you out of the rat
race, forever!

Call me now and I can arrange a mortgage planning session.

So call me now at (888) 956-7060

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