A Florida mortgage broker:
Is an expert in analyzing,
advising, structuring, underwriting, packaging, presenting and
negotiating loan proposals.
Is knowledgeable in the many types of mortgage loans available.
Has a vast network of lenders and investors that are available for
the placement of your mortgage package.
Is continuously updated as to rates available in the ever-changing
mortgage market.
Is a specialist in all phases of mortgage lending and has the
resources available to handle all your financial needs.
A Professional who…
Is a "licensed" full time professional who may be a licensed Florida
mortgage broker, an originator working for a lender or the
principal representative of a Florida licensed lender.
Has passed a qualifying examination administered by the State of
Florida.
Analyzes, processes, packages and arranges loans for a fee.
Is knowledgeable as to rates and terms available to suit the
client’s needs
One of the best
criteria is whether the Florida Mortgage Broker or originator is a
member of the Florida Association of Mortgage Brokers - FAMB.
FAMB members are pledged to a strict Code of Ethics and
Professional Practices. Members regularly attend mortgage seminars
to keep current on mortgage market conditions.
Florida licensed brokers, loan originators and lender’s principal
representatives must complete fourteen hours of continuing
education biennially covering the laws and business practices of
the mortgage industry..
Look for the emblem indicating membership in the Florida
Association of Mortgage Brokers.
They should be a full-time professional. A seasoned mortgage
veteran, a Florida Mortgage Broker.
They should have a good knowledge of the current day-to-day
mortgage market, including the type and terms of loans that
lenders will fund.
They should be capable of analyzing, advising, restructuring,
underwriting, packaging, presenting and negotiating your loan
proposal.
Whether arranging the purchase or refinance of your property, the
Florida Mortgage Broker professional should know your property’s
current market value.
Most professionals specialize in different areas of mortgage
finance. Choose the Florida Mortgage Broker or originator whose
specialty suits your individual needs.
Licensed mortgage brokers and lenders
are required by statute to furnish you with a Good Faith Estimate
of costs.
Licensed Florida mortgage brokers must enter into a written
agreement with their clients.
The agreement spells out the obligations of each party and
customarily provides for the exclusive right of the professional
to seek the financing desired by you.
This agreement may require that you place a good faith application
deposit with the Florida Mortgage Broker.
The general format of the agreement also includes delineation of
the fees and points that will be paid at closing.
The agreement must disclose whether the Florida Mortgage Broker or
professional is receiving funds from the lender. This must be
disclosed on the Good Faith Estimate and on the HUD-1 Closing
Statement.
Today’s market is
very complex. Whether or not you are sophisticated in the field of
real estate finance, you should retain the services of the FAMB
Professional.
Members subscribe to a Code of Ethics of the Florida Association
of Mortgage Brokers, the National Association of Mortgage Brokers
and must adhere to stringent regulations of the State of Florida.
Look for the emblem indicating membership in the Florida
Association of Mortgage Brokers - FAMB
