Is Bad Credit Risking the Chances for Mortgage Brokers?
Having Bad credit affects in a lot of ways every individual that has it. But if you have bad credit it also affects the people who work directly or indirectly in the credit business. For instance, the job of a mortgage broker is to serve as a connector between a borrower and the lender. He or she doesn’t loan the money, instead, he or she works with borrowers assisting them in finding the appropriate mortgage loan. Brokers generally work with several lenders so they can have different options in the matching process. With the more lenders they work with, the more possibilities of finding the perfect deal for their clients. They have to gather all the necessary information of the client such as credit reports, employment verification, property appraisals, asset disclosure, among others and then submit all this documents to the appropriate lender. Once the borrower has obtained the mortgage, the broker is out of the loop. This job might seem easy and lucrative because the commissions are
