Loan Origination Services

Loan origination services refer to all the tasks that a mortgage broker performs when initiating a new loan. These include evaluating creditworthiness, gathering necessary financial information, application completion and submission, as well as coordinating with underwriters and lenders.

A mortgage broker acts as an intermediary between you and potential lenders. They work to find you the best possible loan terms by shopping around different lenders, submitting your application, and assisting throughout the approval process.

Fees for using a mortgage broker can vary significantly. Some may charge a flat fee while others could charge a percentage of your total loan amount. Its important to discuss fees upfront so there are no surprises down the track.

Legitimate brokers must adhere to strict privacy regulations that protect your personal information. However, its always wise to do your own research on any professional you choose to engage with - check their credentials, reviews, and ask about their data security measures.

If your initial application is rejected, your broker should work with you to understand why it was declined and help identify other potential lending options that might be more suitable for your circumstances.