What Are The Responsibilities Of A Mortgage Agent?
Mortgage agents are involved in the selling and marketing of mortgages on behalf of the banks. This is because the banks themselves have to delegate some of the work due to the stiff completion that they have within their sector. Usually payment of a mortgage agent is calculated as a percentage of the value of transaction.
The agents are naturally regulated to ensure that they comply with the banking and finance laws of the country. This is necessary to ensure that they operate within legal boundaries, and that they can be held responsible for any professional negligence they might subject their clients to.
They work very closely with the banks because they sell the different product which the banks have on offer. They need to be familiar with the products so that they can be in a position to offer expect advice to clients, especially in times when the clients seem to be undecided and confused.
The agent has to generate business, and do all the necessary marketing to attract the clients. They have to compile relevant and accurate information and provide it to prospective clients, followed by regular follow ups to ensure that they encourage sufficient interest.
They also assess the market to make sure that they can recommend a suitable product for the client. Proper research is conducted to ensure that accurate data is compiled and presented to the client. The product must fit the clients needs, which means a proper assessment of the clients financial and other circumstances would have been done. This is done in order to ensure that the client makes a well informed decision.
It is also his duty to collect the required documents for the application to go through. Documents like proof of income, residential address and bank statements. Clients also need to be assisted on how to fill these documents and forms. In any contract there is always the legal aspect which might not be clear to the client. It is his duty to explain all the legal terms and implications to the client.
Different agents have got different commission structures in place. This is the reason why you need to compare these rates first before you can choose the one you want to work with. You may need to check on their history and how they have been doing in the past so that you can make a good decision. It also important to note that those agents who are expensive offer a unique and specialized service, there are cases where you can get excellent service at very reasonable fees.
It is recommended that you be watchful and be on the alert when you are dealing with these agents. They are known to take advantage of ignorant customers and end up benefiting unlawfully. You do not want to become one of those victims so you have to be careful.
Always keep in mind that there is always recourse for clients who feel unsatisfied with the conduct of the mortgage agent. You can report them, and also file for damages if it is necessary to do so. As with every activity which is regulated by government, one must always ensure that they are well conversant with their rights.
A career as a mortgage broker can be very rewarding. If you have a good head for numbers, consider enrolling in mortgage broker course.