FAMB Broker Resources

What is a Mortgage Broker?

A Professional Who...

• is a licensed, fulltime professional
• has passed a qualifying examination administered by the State of Florida
• is a qualified intermediary between the lender and the borrower
• analyzes, processes, packages and arranges loans for a fee
• is knowledgeable as to rates and terms available to suit client's needs

Why Use a Mortgage Broker?

A Mortgage Broker:

• Is an expert in analizing, 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 everchanging 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 Broker?

One of teh best criteria is whether the broker 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.  Look for emblem indicating membership in the florida Association of Mortgage Brokers.

Retaining the FAMB Mortgage Broker

• Licensed mortgage Brokers are required by statute to enter into a written agreement with their clients.
• The agreement spells out the obligations of each party and customarily provides for the exclusive right of the mortgage broker to seek the financing desired for you.
• This agreement may require that you place a good faith application deposit with the broker.  The broker is required by statute, to place this deposit in an escrow account.
• The general format of the agreement also includes delineation of the estimated costs for closing the loan, including the brokerage fee as regulated by statute.

Today's market is very complex.  Whether or not you are sophisticated in the field of real estate finance, you should retain the services of the FAMB Mortgage Broker.  Members adhere to a strict Code of Ethics of the Florida Association of Mortgage Brokers, along with the stringent regulations of the State of Florida, which serve to protect you, the public.