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By Adriana J. Noton
Banks have resorted to agents as a result of the stiff competition within this sector as well as related areas. A mortgage agent sells mortgages on behalf of banks and might have this as their primary business activity. Their payment is a percentage of the total sale or transaction which varies according to the size of the sale.
Their regulation is important because they have to be held responsible for any actions that might hurt the client. It is also important to make sure that they operate within the boundaries of the law to ensure that guidelines are followed. It also helps with maintaining a live database of professionals which can be helpful to potential clients.
The fact that they sell the products for the banks means that they have to work closely with them. It helps them to know everything about the products so that they can give clients relevant and accurate information. This comes in handy especially during the times when the client is experiencing uncertainty.
One of their biggest duties is to bring business through tools such as marketing. They do the required research for compilation of information packs containing information the prospective clients can use. They also do follow ups every now and again to encourage the prospective client to sign up.
To provide a product that is suitable for the client the professional always stays familiar with current market trends. They properly asses the market to see if they can find products that are suitable for the unique current position of the client. This is done in conjunction with assessing the financial situation of the client.
They explain all the legal requirements and regulations and guidelines to the client and also explain the importance of compliance. They collect all the necessary paperwork such as bank statements and identity documents. They also help with the filling in of all the necessary forms.
One needs to compare and assess the commission plans of different professionals before they can make the final decision on which one to work with . It is a good idea to work with someone or an agency which is pedigreed. Hence a thorough look at their background can go a long way in helping one establish this. However it is advisable to look at other factors in addition to price when choosing an agent. Dependability and good time management are other important factors to look at. The cheapest agent may not necessarily be the good one for your circumstances.
It is a good idea to remain vigilant and alert at all times because agents can be unscrupulous. Some are known for capitalizing on the ignorance of the client when it comes to knowledge on these mortgages. The potential for larger financial gain can make them greedy but nevertheless there is recourse for the aggrieved client. It is possible to report them and you can file for damages from them. It is a good idea to make sure that one is well versed with their rights in such relationships.
About the Author: A career as a mortgage broker can be very rewarding. If you have a good head for numbers, consider enrolling in mortgage broker course.
Source: isnare.com
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