Mir Media Group Blog

Lenders are now providing mortgage leads for brokers along with a new standard requiring proof that borrowers understand the full terms of their loan.
Borrowers will receive certain disclosures during the initial stages of the loan application process. Borrowers must know upfront the loan amount, loan term, the conditions of the type of interest rate offered, whether mortgage payments will change, and whether or not there is a prepayment fee. Additionally, the broker must disclose the full amount he or she receives from the loan. The lender will contact each borrower prior to the closing date to review the key terms.
Now, reputable lenders can provide mortgage leads for brokers who will conduct legitimate business. This program is poised to become an industry benchmark to increase consumer knowledge and avoid future mortgage crises.