Mortgage Brokers in Ohio

From LoveToKnow Mortgage

When Ohio residents do not have the time or inclination to search for their own mortgage loans, they turn to any of the many mortgage brokers in Ohio to find the best interest rate possible.

Mortgage Broker
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Functions of Mortgage Brokers

Mortgage brokers act as intermediaries between borrowers and lenders. The job of a mortgage broker is to scour all the available mortgage loans for applicants and find the best terms at the lowest interest rate. Mortgage brokers do not do anything that people cannot do for themselves, but since may people are nervous about applying for a mortgage loan they turn to a broker to take care of finding a lender.

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Rules and Regulations

The state of Ohio has specific rules and regulations which mortgage brokers must follow in order to do business. Ohio has continuing education requirements in addition to procedures which must be followed when dealing with sensitive financial information from clients. The exact regulations assigned to mortgage brokers in Ohio can be found on the Ohio Department of Commerce website.

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Find Mortgage Brokers in Ohio

When searching for mortgage brokers in Ohio, people will soon find that there is certainly no shortage of available brokers. People can use a variety of methods to find a mortgage broker:

  • Word of Mouth This is perhaps the very best way to choose among the mortgage brokers in Ohio. If a friend or family member had a good experience with a mortgage broker and received a good deal, then it is a good idea to take your business to that broker. A shining endorsement from someone you trust is far more valuable than any certifications or flashy advertisements.
  • Online Ohio residents wanting to find a mortgage broker online should check out the Ohio Association of Mortgage Brokers website to find a nearby broker. The site allows for people to search by geographic location and provides the broker's name and contact information. This website also provides valuable information regarding legislation and education regarding mortgage brokers in Ohio.
  • Phone Book When all else fails, opening the local phone book will result in several available mortgage brokers to choose from. Before contracting the services of a mortgage broker which is arbitrarily chosen from the phone book, the customer may want to check with the Better Business Bureau to make sure no complaints have been lodged against that particular broker.
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Become a Mortgage Broker

Several companies online offer educational courses to teach people how to become mortgage brokers. People who have an interest in pursuing a career as mortgage brokers in Ohio can visit any of the several websites which offer training. People considering a career as a mortgage broker should not simply enroll in the first online class they find; the classes should provide real training and not merely be get rich quick schemes. People should get into a mortgage broker training class because they have a passion for finance and for assisting people…not because they want to make a bunch of money.

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Complaints About Brokers

Ohio residents who have difficulties with a specific mortgage broker within the state have options when deciding to file a complaint:

A mortgage broker can be a real asset to an applicant with severely blemished credit. Mortgage brokers are well versed in the art of finding mortgage financing for people who cannot seem to get approved on their own. On the other hand, mortgage brokers are paid to do something which most people can do on their own without assistance. People seeking a mortgage loan may want to start with a website which sends applications out to several lenders at once before paying for someone to find a loan for them.

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Comments

Thanks for the clarification, Mikey. The responsibilities of mortgage brokers in any state depend on the employer the work for, or their own practices if they own their own business.

-- Contributed by: Tamsen Butler

Tamsen, I think you’ve missed the mark slightly about what a mortgage broker in Ohio does. As a loan officer who works for a mortgage broker here in Ohio, I can tell you that I do pretty much the same things that a loan officer for a bank does – we work with the borrower to gather together all the necessary do...ents and submit them to the lender’s underwriting department. Then we work with the borrower on any additional stipulations that the lender may require to make the loan close.

An Ohio broker, or a loan officer working for a broker, is the intermediately between the client and the lender’s underwriting department at the wholesale level. If the client goes to the lender directly, they will work with the lender’s retail department. In general, as independent (and highly regulated) loan originators, we can quite often get the borrower a better deal than if they went directly to the lender.

-- Contributed by: mikeym674

You will want to consult a divorce attorney for state-specific regulations. A lot depends on if the mortgage loan is in both of your names. You may be able to request that your husband does a cash-out refinance to the maximum value and then buys you out from the home, but you need to make sure your name is also removed from the title in addition to the mortgage loan. Again, I think the very best advice I can give you is to consult a divorce attorney, and I wish you luck.

-- Contributed by: Tamsen Butler
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