Appleton Wisconsin Mortgage & Real Estate Resources: What Is A Mortgage Broker? What Do They Do? How Are They Regulated?

There are many myths about just what a Mortgage Broker represents, and over the course of the past year, our profession has taken a few hard blows. I am truly passionate about my work and the people I serve. It is very important to me that we gain a strong voice in our local communities and set the record straight as to who we are and what we represent as an industry and more importantly . . . an asset to people we serve. 

Having spent numerous years in the insurance industry, I often use the example and comparison of our industry to that of an Independent Insurance Professional. The local Bank is like State Farm or Allstate Insurance. The products and services they offer are great, however limited to one set of products and/or services. A Mortgage Broker, similar to the Independent Insurance Agency who has the ability to offer an array of products and service to meet the needs of our diverse clientele.  

Wisconsin Mortgage Brokers play a curtail role in keeping our economy strong. Each year millions of American purchase a new home or refinance a current mortgage. Get this . . . Mortgage Brokers originate over 50% of all home loan transactions in the US, which  represents more successful transactions than any other source in the nation.

Please note: Throughout this article, there are references to Mortgage Brokers. Information contained within also applies to Loan Officers who are employed by a Mortgage Broker.

Who In The Heck Are Mortgage Brokers?

• We are typically small business men and women.
• Who own and operate a small tight knit business of typically 10 to 25 loan officers and/or support staff.
• We are independent contractors serving as liaisons between our valued customers and the lenders
• We are members of the local community

 What We Do...

•  We provide a critical link between you the borrower and credit markets;
• We bring much needed capacity and competition to the mortgage market by offering a broad range of products and mortgage planning strategies to the consumer;
• We have access to the largest lenders in the nation and offer the consumer expert advice and access to all Government programs

 How Are We Different From Bankers?

•  Bankers typically sell their own mortgage products; a mortgage broker maintains relationships with scores of lenders, allowing the broker to offer the borrower numerous choices on products and programs to suit their individual needs;
•  The depth and access to products puts downward pressure on pricing throughout the market, to the benefit of all consumers; and
• As Independent business' who reply heavily on repeat and referral customers, we work very hard to ensure client satisfaction and provide a high level of personalized service to our customers and prospects.

How Are We Regulated?

• Mortgage brokers must comply with all applicable federal laws, including the Real Estate Settlement Procedures Act (RESPA), the Truth and Lending Act (TILA), the Fair Credit Reporting Act (FCRA), and the Equal Credit Opportunity Act (ECOA)
• Mortgage brokers are also regulated directly by state lending laws. In the state of Wisconsin, all Mortgage Brokers and Loan Originators MUST be individually licensed through the successful completion of pre-licensing education and exam, in addition to continuing education courses mandated by state law. Brokers and Originators must also submit to a criminal background check.

I hope this article has been helpful to you. It is my intention to provide valuable information to my clients and prospective customers, so they may make informed and educated decisions with regard to their mortgage planning and needs.

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Credit Restoration and Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net

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