Who is the FAMB Mortgage Professional?

A Professional who…

… is a licensed full time professional who may be a licensed mortgage broker, an originator working for a lender or the principal representative of a Florida licensed lender.

… has passed a qualifying examination administered by the State of Florida.

… analyzes, processes, packages and arranges loans for a fee.

… is knowledgeable as to rates and terms available to suit the client’s needs

Why use a Mortgage Broker

A mortgage broker:

  • Is an expert in analyzing, advising, structuring, underwriting, packaging, presenting and negotiating loan proposals.
  • Is knowledgeable in the many types of mortgage loans available.
  • Has a vast network of lenders and other FAMB mortgage brokers that are available for the placement of your mortgage package.
  • Is continuously updated as to rates available in the ever-changing mortgage market.
  • Is a specialist in all phases of mortgage lending and has the resources available to handle all your financial needs.

How do I select a Mortgage Originator?

One of the best criteria is whether the broker or originator is a member of the Florida Association of Mortgage Brokers.

FAMB members are pledged to a strict Code of Ethics and Professional Practices. Members regularly attend mortgage seminars to keep current on mortgage market conditions.

Florida licensed brokers, loan originators and lender’s principal representatives must complete fourteen hours of continuing education biennially covering the laws and business practices of the mortgage industry..

Look for the emblem indicating membership in the Florida Association of Mortgage Brokers.

What should I look for in a Mortgage Professional?

  • They should be a full-time professional.
  • They should have a good knowledge of the current day-to-day mortgage market, including the type and terms of loans that lenders will fund.
  • They should be capable of analyzing, advising, restructuring, underwriting, packaging, presenting and negotiating your loan proposal with the lender that best suits your needs.
  • Whether arranging the purchase or refinance of your property, the professional should know your property’s current market value.
  • Most professionals specialize in different areas of mortgage finance. Choose the broker or originator whose specialty suits your individual needs.

Retaining the FAMB Mortgage Professional

  • Licensed mortgage brokers and lenders are required by statute to furnish you with a Good Faith Estimate of costs.
  • Licensed mortgage brokers must enter into a written agreement with their clients and must deliver the loan they contracted to provide.
  • The agreement spells out the obligations of each party and customarily provides for the exclusive right of the professional to seek the financing desired by you.
  • This agreement may require that you place a good faith application deposit with the broker. The broker is required by statute to place the third party deposit into an escrow account.
  • The general format of the agreement also includes delineation of the fees and points that will be paid at closing.
  • The agreement must disclose whether the broker or professional is receiving funds from the lender. This must be disclosed on the Good Faith Estimate and on the HUD-1 Closing Statement.