The nature and the scope of a mortgage broker's actions vary with jurisdiction. For example in UK anyone offering mortgage brokerage is offering a regulated monetary activity; the broker is in charge for ensuring the advice is apt for the borrowers' status and is held financially liable if the guidance is later shown to be defective. In other jurisdictions the contract that is undertaken by the broker may be limited to pointing the borrower in the path of an appropriate lender and no advice is given.
So the work undertaken by the mortgage broker and mortgage broker bond would depend on the depth of their service and liability. In general the following tasks are undertaken:* Marketing so as to attract clients
* Evaluation of the borrower's situation (Mortgage reality find forms interview). This might include assessment of credit history (normally obtained via a credit report) and affordability (established by income documentation).
* Assess the market to find a credit product that fits the client's needs. (Mortgage presentation or recommendations)
* Applying for a lenders contract in principle (pre-approval)
* Collecting all needed documents (like paystubs/payslips, bank statements, etc.)
* Completing a lender application form.
* Explain the official disclosures.
* Submitting all matter to the lender.