Ипотекалық брокерлер: қарыз және жылтық мүліктің арасындағы делдал

Intermediary who facilitates transactional use of debt tied to real estate

A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products. As markets for mortgages have become more competitive, however, the role of the mortgage broker has become more popular. In many developed mortgage markets today, (especially in the United States, Canada, the United Kingdom, Australia, New Zealand, and Spain), mortgage brokers are the largest sellers of mortgage products for lenders. Mortgage brokers exist to find a bank or a direct lender that will be willing to make a specific loan an individual is seeking. Mortgage brokers in Canada are paid by the lender and do not charge fees for good credit applications. In the US, many mortgage brokers are regulated by their state and by the CFPB to assure compliance with banking and finance laws in the jurisdiction of the consumer. The extent of the regulation depends on the jurisdiction.

According to a 2004 study by Wholesale Access Mortgage Research & Consulting, Inc., there are approximately 53,000 mortgage brokerage companies that employ an estimated 418,700 employees and that originate 68% of all residential loans in the United States. The remaining 32% of loans is retail done through the lender's retail channel, which means the lender does not go through a broker. The banks have used brokers to outsource the job of finding and qualifying borrowers, and to outsource some of the liabilities for fraud and foreclosure onto the originators through legal agreements. During the process of loan origination, the broker gathers and processes paperwork associated with mortgaging real estate.

A mortgage broker works as a conduit between the buyer (borrower) and the lender (banks and non bank lenders), whereas a loan officer typically works directly for the lender. Many states require the mortgage broker to be licensed. States regulate lending practice and licensing, and the rules vary from state to state. Most states require a license for those persons who wish to be a "Broker Associate", a "Brokerage Business", and a "Direct Lender". A mortgage broker is normally registered with the state, and is personally liable (punishable by revocation or prison) for fraud for the life of a loan. A loan officer works under the umbrella license of an institution, typically a bank or direct lender. Both positions have legal, moral, and professional responsibilities and obligations to prevent fraud and to fully disclose loan terms to both consumer and lender. Agents of mortgage brokers may refer to themselves as "loan officers". Mortgage brokers must also hold individual and company licenses through the Nationwide Multi State Licensing System and Registry (NMLS). The goal of NMLS is to employ the benefits of local, state based financial services regulation on a nationwide platform that provides for improved coordination and information sharing among regulators, increased efficiencies for industry, and enhanced consumer protection. Loan officers who work for a depository institution are required to be registered with the NMLS, but not licensed. Typically, a mortgage broker will make more money per loan than a loan officer, but a loan officer can use the referral network available from the lending institution to sell more loans. There are mortgage brokers and loan officers at all levels of experience.

Even large companies with lending licenses sell, or broker, the mortgage loan transactions they originate and close. A smaller percentage of bankers service and keep their loans than those in past decades. Banks act as a broker due to the increasing size of the loans because few can use depositor's money on mortgage loans. A depositor may request their money back and the lender would need large reserves to refund that money on request. Mortgage bankers do not take deposits and do not find it practical to make loans without a wholesaler in place to purchase them. The required cash of a mortgage banker is only $500,000 in New York. The remainder may be in the form of property assets (an additional $2.00), an additional credit line from another source (an additional $10,000,000). That amount is sufficient to make only two median price home loans. Therefore, mortgage lending is dependent on the secondary market, which includes securitization on Wall Street and other large funds. The largest secondary market by mortgage volume are Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation, commonly referred to as Fannie Mae and Freddie Mac, respectively. Loans must comply with their jointly derived standard application form guidelines so they may become eligible for sale to larger loan servicers or investors. These larger investors could then sell them to Fannie Mae or Freddie Mac to replenish warehouse funds. The goal is to package loan portfolios in conformance with the secondary market to maintain the ability to sell loans for capital. If interest rates drop and the portfolio has a higher average interest rate, the banker can sell the loans at a larger profit based on the difference in the current market rate. Some large lenders will hold their loans until such a gain is possible. The selling of mortgage loans in the wholesale or secondary market is more common. They provide permanent capital to the borrowers. A "direct lender" may lend directly to a borrower, but can have the loan pre sold prior to the closing. Few lenders are comprehensive or "portfolio lenders". That is, few close, keep, and service the mortgage loan. The term is known as portfolio lending, indicating that a loan has been made from funds on deposit or a trust. That type of direct lending is uncommon, and has been declining in usage. An example of a portfolio lender in the US is ING Direct.

The laws have improved considerably in favor of consumers. A mortgage broker must comply with standards set by law in order to charge a fee to a borrower. The fees must meet an additional threshold, that the combined rate and costs may not exceed a lower percentage, without being deemed a "High Cost Mortgage". An excess would trigger additional disclosures and warnings of risk to a borrower. Further, the mortgage broker would have to be more compliant with regulators. Costs are likely lower due to this regulation. Mortgage bankers and banks are not subject to this cost reduction act. Because the selling of loans generates most lender fees, servicing the total in most cases exceeds the high cost act. Whereas mortgage brokers now must reduce their fees, a licensed lender is unaffected by the second portion of fee generation. This is due to the delay of selling the servicing until after closing. Therefore, it is considered a secondary market transaction and not subject to the same regulation.

As of 2007, in the United States the federal law and most state laws do not assign a fiduciary duty on mortgage brokers to act in best interests of their customers. An exception is California, where a 1979 ruling of the Supreme Court of California did establish fiduciary duties of mortgage brokers. This means that consumers, in states other than California, may be charged excessive rates and fees and are encouraged to do some shopping around prior to any agreement.

The laws governing mortgage brokerage in Canada are determined by provincial governments. Most provinces require mortgage brokerage companies to carry a provincial license.

Mortgage Brokers in Nova Scotia are licensed by Service Nova Scotia and are regulated under the Mortgage Brokers and Lenders Registration Act. Many brokers in Nova Scotia are members of the Mortgage Brokers Association of Atlantic Canada. More information about the various mortgage programs that are available to consumers can be found at Mortgage Managers.

In Ontario, mortgage brokers are licensed by the Financial Services Regulatory Authority of Ontario (FSRA), an arms length agency of the Ministry of Finance. To become licensed an individual must meet specific licensing requirements, including passing an approved course. That course is offered by the Real Estate and Mortgage Institute of Canada Inc. (REMIC) and the Association of Accredited Mortgage Professionals(CAAMP).

Throughout Canada, high ratio loans are insured by either the Canada Mortgage and Housing Corporation, Genworth Financial or Canada Guaranty.

As of 2017, Canada has seen a move towards mobile and online technology in the mortgage industry. CIBC has created a mobile app that is presently in beta testing. Companies are incorporating digital technology with a strong aim towards consumer awareness against bank products.

Mortgage brokers in the UK are split between the regulated mortgage market, which lends to private individuals, and the unregulated mortgage market, which lends to businesses and investors. Many UK brokerages mediate both types of business. The role of a mortgage broker is to mediate business between clients and lending institutions, which include banks, building societies and credit unions.

Tied mortgage brokers offer products from a single lender, while multi tied brokers offer products from a small panel of lenders. Many tied brokers are linked to estate agents and will refer the agency’s customers to one of a handful of lenders in exchange for a commission. Mortgage specialists in banks and building societies can also be considered to be ‘tied’ brokers, insofar as they may only offer products sold by that lender.

A mortgage broker can be either compensated by the Lender (Lender Paid Compensation) or the Borrower (Borrower Paid Compensation), but can never be compensated by both. The maximum amount a mortgage broker can be compensated by either the Lender or the Borrower, is 2.75% of the loan amount. The less that percentage is, the lower the interest rate the broker can get for the borrower. Lender Paid Compensation is a fixed percentage amount set by the Broker with the Lenders that they submit loan applications to. Borrower Paid Compensation is a percentage agreed upon between the Broker and the Borrower, however, some Lenders do not allow the Broker to make less than the fixed percentage amount outlined in the Lender Paid Compensation agreement, therefore, negating any benefit to Borrower Paid Compensation. The fees charged vary from broker to broker, but fees can be justified if the broker can expedite the application process, provide support to vulnerable clients and/or search a wide range of mortgages to find the most suitable deal based on the client's circumstances or the chosen property. The FCA's Consumer Duty regulation requires brokers to consider whether their fees represent 'fair value' to the consumer.

Mortgage brokers in the UK are also bound by pan European legislation, such as the EU Mortgage Credit Directive. It is the role of UK legislators to incorporate the directive into the existing UK framework. The broader distinction between consumers and businesses adopted within the MCD is, in some respects, contrary to the current UK framework, and as a result some exemptions previously enjoyed in the UK will be phased out. One example is where borrowers or relatives of borrowers will occupy less than 40% of a property, which is currently not considered regulated business; by 2016, such borrowers will be considered consumers. These transactions will therefore come to be regulated.

The Mortgage Market Review (MMR), a comprehensive review of the UK mortgage market which ran from 2009 to 2012 and came into force on 26 April 2014, resulted in some dramatic changes to the regulated lending environment, most centring on new, stricter affordability requirements and income and expenditure checks. There is also anecdotal evidence to suggest that the amount of time it takes to get a mortgage has significantly increased as a result of the changes. Some mortgage brokers whose in house underwriting already matches borrowers to appropriate lenders are able to circumvent these delays, making their services more attractive. It is speculated that, because borrowers’ applications are stress tested on the strength of their ability to make the monthly repayments, increasing numbers of borrowers are opting for mortgage terms exceeding the traditional 25 years. This results in lower repayments but a higher overall interest bill, as well as a longer period servicing debt. According to official figures from the Office for National Statistics (ONS), the percentage of mortgages under 25 years in length fell from 95% to 68% between 2002 and 2012.

Mortgage brokers have been active in Australia since the early 1980s, however they only became a dominant force in the mortgage industry during the late 1990s on the back of aggressive marketing by Aussie Home Loans and Wizard Home Loans. Approximately 35% of all loans secured by a mortgage in Australia were introduced by mortgage brokers in 2008. In March 2012, the share of loans introduced by Mortgage Brokers had risen to 43%. In 2016–2017, mortgage brokers had contributed to $2.9 billion to Australian economy. In 2019, the Mortgage Broker market share has grown to 59% of the mortgage market, however, the future viability of the sector has been cast into doubt due to recommendations of the Hayne Royal Commission. Commissioner Hayne has recommended that lenders cease paying upfront and trailing commission to Brokers and instead, that the consumer pays a yet to be determined upfront fee for service. The industry (led by the FBAA and MFAA) leveraged the 2019 Federal Election campaign to convince the Liberal Government to back down from introducing an upfront fee for service model. These efforts have been described as a 'textbook case of successful grassroots lobbying'. Mortgage brokers are now regulated by the Australian Securities & Investments Commission. The new national consumer credit protection legislation includes a licensing regime and responsible lending obligations. Mortgage brokers are also required to be a member of an external dispute resolution provider such as the Credit ombudsman service Limited (COSL). Furthermore, some lenders require accredited brokers to be a member of an industry body such as the Finance Brokers Association of Australia (FBAA) or Mortgage & Finance Association of Australia (MFAA). These industry associations demand that brokers complete at least 25 30 of continued professional development each year to maintain their skills and knowledge.

Australian and New Zealand mortgage brokers do not usually charge a fee for their services as they are paid by the lenders for introducing loans. They are paid an up front commission that is on average 0.66% of the loan amount and an ongoing trail commission that is on average 0.165% of the loan amount per annum paid monthly. These commissions can vary significantly between different lenders and loan products, especially since the commission re alignments introduced by Australian banks during June to August, 2008 in reaction to the Subprime mortgage crisis. Although mortgage brokers are paid commissions by the lenders this does not alter the final rate or fees paid by the customer as it may in other countries. Mortgage brokers do not have the ability to charge the customer a higher or lower rate and in return obtain a higher or lower commission. In the event that the loan is paid back by the borrower within 24 months of the loan settlement, mortgage brokers are charged a "clawback" fee by the lenders since the loan is considered "unprofitable". The amount is usually 0.66% of the loan amount for loans paid back in the first 12 months and 0.33% for loans paid back in the next 12 months. When this happens the mortgage brokers are sometimes able to charge the customer the amount if they hold written authority to do this. Mortgage brokers don't like to be liable for the fee, but in some case it is unrecoverable. Keep in mind that a standard home loan in Australia is contracted over a 30 year term, with the average loan life being approximately 4–5 years.

Mortgage brokers in Australia are required to put their clients' interests ahead of their own, even if it means their own profit suffers. This is an important element when it comes to choosing a mortgage broker because it ensures the clients' financial objectives and needs are considered.

The mortgage brokerage industry is still new compared to the situation in the US and the UK Not all of the banks in Singapore are tied up with the mortgage brokerage firms. The mortgage brokers are mostly regulated by the Singapore Law of Agency. A study undertaken by Chan & Partners Consulting Group (CPCG) shows that the mortgage brokering industry is still largely a new concept to the Singapore financial consumers. However this will set to change as more consumers realize that taking up a housing loan with the mortgage broker does not increase the consumer's cost at all, and can in fact aid them in making a more informed decision. Mortgage brokers in the country do not charge borrowers any fee, rather profits are made when the financial institutions pay the broker a commission upon successful loan disbursement via the broker's referral.