Duties of a Mortgage Broker—Comprehensive List

Mortgage brokers have certain duties towards their clients, and we take those very seriously.

When you hire us to get you a loan, this is what we do for you and for the lender:

1.- Due diligence: we have to gather information about your income, identity, credit report, property (appraisals), assets/means and detailed personal situation/circumstances in order to recommend the correct loan program (there are many) and tailor the options that come with the loan program.

2.- This includes doing personal interviews (in person, via Zoom or on the phone), assist you in filling out your loan application, and maintain ongoing contact with you from the time of application until closing.

3.- Order the property appraisal in compliance with the Appraisal Independence Requirements (AIR) and federal loan program guidelines.

4.- Educate and assist you in understanding the home buying and financing process, discuss the different types of loan programs available, explain the qualification and eligibility requirements for each program, and demonstrate how closing costs and monthly payments are different with each loan programs

5.- Disclosures: Provide to you any additional disclosures that are required to be provided by law and/or by the lender. This could include, for example, disclosures in connection with fees and charges, mortgage insurance and broker compensation, disclosures required by federal, state, or local Truth in Lending laws, disclosures that govern and regulate mortgage broker conduct, and disclosures related to the risks of certain loans.

6.- Gather all information and documentation needed to complete the loan application including all information required by applicable law. 

7.- Collect and analyze financial information and related documents to assist you in determining the mortgage that you can afford.

8.- Assist you in identifying potential issues related to your credit report or financial accounts and obtaining letters of explanation if needed.

9.- Complete loan application (Form 1003), all disclosures as required by applicable law; compile and submit a loan package as required by the lender in question while maintaining appropriate secured and encrypted records.

10.- Keep you apprised of the status of the application, and communicate any changes in the loan terms within a reasonable timeframe in compliance with applicable laws.

11.- Help you in processing loan conditions which includes: collecting any additional documentation required, helping to write letters of explanation, solving underwriter’s requests and last minute issues with credit, title, appraisal and/or income documentation. 

12.- Maintain regular contact with you, real estate agents, and the lender as needed to timely complete the loan transaction or as required by applicable law from the time of application to the closing of the loan.

13.- Perform any other service as the lender may from time to time reasonably request.

We enjoy helping clients navigate the complexities of loan options, and we make the loan process as simple as possible. Unlike many mortgage brokers, we enjoy the challenges of helping clients with complex financial situations, and we will be happy to assist you whether you are an employee or a business owner, a citizen or a foreign national.

For more information, please call 310-294-9417 and get a free consultation.

“It is hard to put into words how great and wonderful Alejandro is. I know we couldn’t have gotten our house without him, and I am so grateful. Without hesitation, I would recommend Alejandro to anyone who is having any kind of trouble with anything related to mortgages!”

— Cynthia, Client