How Do I Choose the Right Mortgage Broker?

If you are looking for the right mortgage broker, be sure to find someone who is licensed and has a good reputation. William Telish is the founder and senior mortgage officer at Movement Mortgage. Licensed and experienced, he is able to quickly turn around the mortgage loan application process to get his clients the money they need. Within seven days, 70 percent of his clients have the loan amount they need to move on the purchase or refinancing of a home.
Not only can he find you the best rates, but he also offers personal and stellar customer service. To ensure he gets you the right loan, he gets to know you and your unique financial situation. When looking for the right mortgage broker in Laguna Niguel, CA, be sure to turn to the trusted and reputable team at Movement Mortgage . With a stellar reputation, this team can find you the right loan at the best possible rate.

Who is William Telish?

An expert mortgage broker, William Telish is the owner of Movement Mortgage, a special and trusted company that has streamlined the mortgage application and approval process. They are so successful that 70 percent of all loans are processed within seven days of application. This allows clients to easily submit an electronic application, then typically an underwriter makes a decision within six hours and the loan is processed within seven days.
This gives the borrower the money and deal they need quickly to purchase the home of their dreams. As an expert in the field, he is able to connect borrowers with a wide range of lenders who are best suited to the borrower’s unique financial needs. Whether the borrower needs a loan for a new home or simply want to refinance the one they currently own, a mortgage broker at Movement Mortgage can help secure the best possible deal for the borrower.

Are mortgage brokers regulated?

Mortgage brokers are regulated on the federal government and at the state level. To lawfully provide services, they must comply with a large number of rules and regulations. Additionally, borrowers can look up and review broker records through the NMLS to ensure the broker is authorized to conduct business in the state. It will also tell them if any actions have been taken against the broker in the past.
Mortgage brokers are governed by federal laws and regulations including compliance with the Real Estate Settlement Procedures Act (RESPA), the Home Ownership and Equity Protection Act (HOEPA), the Fair Credit Reporting Act (FCRA), the Truth in Lending Act (TILA), the Equal Credit Opportunity Act (ECOA), the Gramm-Leach-Bliley Act (GLBA) and the Federal Trade Commission Act (FTC Act). They must also comply with fair lending and fair housing laws. These laws and regulations provide protection for borrowers who are seeking a mortgage.

Are Mortgage Brokers Licensed?

Though requirements vary be state, mortgage brokers must be licensed and successfully pass a criminal background check that includes fingerprinting. Credit checks as well as experience are also typically required. Additionally, most brokers must complete pre-license education and even take out a bond or meet other net worth requirements.
Mortgage licensing for mortgage brokers is enacted to protect consumers who seek to obtain fair mortgage rates. Professionals who hold a mortgage license are real estate financing experts who connect borrowers with loan providers. The special Mortgage Broker License is a special indication that a mortgage broker has successfully helped borrowers through the confusing world of obtaining a mortgage.
The regulation of mortgage brokers begins with the federal government, but continues with the state government. This means that mortgage brokers are licensed or registered and comply with pre-licensure and continuing education that the state requires. Many states also require mortgage brokers to pass a test before becoming licensed.

What is the Dodd-Frank Act?

The Dodd-Frank Act offers new regulations that have restructured how mortgage brokers receive payment. Before the Dodd-Frank Act was put into effect, lenders could compensate mortgage brokers if the brokers got their clients to agree to high-interest-rate loans. This meant that an unassuming client who worked with an unscrupulous mortgage broker could get a bad deal. This act was put into place to protect the borrower.
The Dodd-Frank Act prohibits mortgage brokers from being paid through:
• Charging borrowers hidden fees
• Tying up their pay with a client’s loan interest rate
• Payment for steering a client in the direction of an affiliated business
• Typically cannot be paid by both the borrower and the lender
Unless the borrower paid upfront costs, mortgage brokers do not typically receive payment unless the deal closes successfully. This unique act has helped protect borrowers from mortgage brokers who put making money above helping their client.

Are Mortgage Brokers More Expensive?

Typically, no. Mortgage brokers are able to offer competitive rates that can beat the rates of retail banks. Mortgage brokers also have the ability to shop around with numerous lenders all at once to find the best pricing based on the client’s needs. While mortgage brokers do charge a fee for their service, which can be paid by the borrower or the lender, the fee is typically a small percentage of the loan amount and is typically between 1 percent and 2 percent.

If the borrower is required to pay the fee, it will be disclosed at the beginning of the process and either charged to the loan or paid up front. Each fee will be itemized and explained by the broker so the client knows why they are paying them. The fees will vary from case to case depending on the loan amount and number of loans being received.

How Does a Mortgage Broker Help Homebuyers?

It is the mortgage broker’s job to find their clients the best mortgage rate. They can also work with clients who do not have a large down payment or require other specific terms. Once the borrower talks with the mortgage broker , the broker will gather pertinent and important information from the borrower. This includes income, asset, credit history and employment documentation.

This information is necessary to assess the borrower’s ability to obtain financing. Once the mortgage broker has the needed information, they can make a determination of what options work best for the borrower. This can include finding an appropriate loan amount, loan-to-value as well as determining which loan type is best suited to the home buyer or owner.

Once this information has been gathered and the details confirmed, the mortgage broker can submit the loan to the lender to gain approval. During this process, the mortgage broker will act as the go-between for the borrower and lender, ensuring that the entire process runs smoothly.

Do Mortgage Brokers Charge a Fee

Mortgage brokers do charge fees for their services. The amount of fees a mortgage broker charges can vary widely. They may also receive compensation from the lenders they connect borrowers with. In this case, the borrower may receive a higher rate. Some mortgage brokers may ask for the borrower to pay the fees out of pocket. The fee is typically a small percentage of the loan amount, and is generally between 1 percent and 2 percent. If a borrower pays the fee, the dollar amount could be added to the loan or paid up front.

It is important to note that brokers must disclose all fees up front. They can also only charge the disclosed fee amount. Each fee will be itemized and the broker will tell you exactly what each fee covers. Note that fee costs can vary depending on the size and number of loans.

Do Mortgage Brokers Also Service Loans?

Typically they do not service loans. Instead, mortgage brokers will work with banks and other types of lenders to fund your loan. These lenders will keep the loan or sell it to another company who will service the loan. Lenders will give you the money directly or through a third-party so you can fund your home purchase. Mortgage brokers are simply there to act as a matchmaking service and match the borrower with the right lender.

During the loan application process, the broker will review the borrower’s personal financial information and find the right lenders who will provide you the best mortgage or refinancing rate and terms. Brokers have access to a wide range of lenders and possess the expertise to match the borrower with the right one.

Once the match is made and the loan complete, the broker will no longer be part of the process. During the process, the mortgage broker is the go-between for the lender and borrower. Once the deal is done, the borrower will be responsible for communications with the lender.

What Is a Mortgage Broker?

A mortgage broker is a middleman who goes between the borrower and the bank or other type of mortgage lender. They will work directly with both the borrower and lender to help borrowers identify and qualify for the right mortgage. Mortgage brokers can help both home buyers and those who wish to refinance. Unlike loan officers, mortgage brokers do not work for a bank. Instead, they operate independently and are licensed to do so.

Those who wish to secure a loan will often go to the bank. However, they will only have access to the loans that are carried by that specific bank. It is important to note that there are many viable loan options that can suit an individual borrower’s unique needs. This is where a mortgage broker can be extremely helpful. Instead of being tied to one institution, a mortgage broker can access loans from many different providers to secure their clients the best options. William Telish is a Special Agent Captain in Moves Mortgage, LLC, he can help you to understand more on mortgage broker

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About William Telish:

William Telish was born in 1965 in New York (Bronx), New York and had a very modest upbringing. As an adolescent, his parents moved to California in search of a better life and settled in Walnut California. William Telish went to High School in Claremont California.

Laguna Nigel, CA