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In the past, brokers have had the attitude that compliance is not their problem. They only originated the loan, they said, and the underwriter approved it. That was yesterday’s mortgage broker. Tomorrow’s mortgage broker will look and act similar to a mortgage banker today.
To make the transition, brokers need an attitude adjustment and to think about the quality of loans they will originate. They will need to be accountable for each loan, as if they were assigned from the date of its closing to the date of its payoff. It ties into the concept of having “a customer for life.” A broker who originated a loan for a borrower in 2006 will be in touch in 2013, asking why the borrower didn’t make this month’s mortgage payment.
For all brokers, now is the time to ensure origination of loans that are of the highest quality possible and in compliance with all state and federal regulations. By doing so, brokers might just have a new best friend.
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