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So you were a broker and want to get back in the business?
So you were a broker and want to get back in the business? I wanted to give you some brief information regarding changes that have occurred in the mortgage industry as we know it today.  I wanted to specifically target the Mortgage Originator: your requirements and responsibilities.
A Mortgage Originator is responsible for not only originating the application but also with gathering required supporting documents, submitting the application to the Investor through its system and following the approval requirements fully. In today’s market mortgage brokers are governed closely as to allowable income, points, etc.  
I want to address some changes in available programs first.  Most noticeably in recent years is the lack of programs for self-employed borrowers with no income verification.  We no longer have ‘lite’, ‘no doc’, or ‘no income verification’ loans. Every borrower must be able to prove his income and the proof provided is verified via a 4506T with the IRS prior to closing of the loan.  Actually, all documentation is verified and nothing is taken on face value in today’s market.
Now, you have a great deal of state regulations and licensing requirements before you can become a Mortgage Originator than in the past.  There are several ... more

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