This 12 issue newsletter focuses on ways to get the most out of your home, by giving current and timeless advice on refinancing, buying your first home and how to avoid common mistakes made by homeowners, wannabe homeowners and renters. So whether you are buying, refinancing or thinking about either, every issue covers a topic that will help you no matter what stage of homeownership you are in.

ISSUE 6

What is a M0rtgage Broker?

A broker is an independent real estate financing professional who specializes in the origination of
residential and/or commercial m0rtgages. M0rtgage brokers normally pass on the actual funding and servicing of loans to capital sources who act as loan "wholesalers." There are approximately 20,000 m0rtgage brokerage operations across the nation that originate apprximately 60% of all residential loans in the US.

A m0rtgage broker is also an independent contractor working, on average, with 40 wholesale lenders at any one time. By combining professional expertise with direct access to hundreds of loan products, a broker provides consumers the most efficient and cost-effective method of offering suitable financing options tailored to the consumer's specific financial goals.

M0rtgage Brokers Code of Ethics

• Disclose accurate information in all solicitations and advertising
  
• Discus and explain financing program options
  
• Inform you, in writing, of lock-in options
  
• Explain all documents of the loan application
  
• Explain all associated costs of the loan application
  
• Explain the disbursement of all loan applications
  
• Explain the loan process, from application to closing
  
• Charge only those fees which are disclosed or re-disclosed on your good faith estimate
  
• Charge rates and fees that do not vary based on race, color, religion, natural origin, gender, marital status, age, receipt of income from public assistance programs, or good faith exercise of rights under consumer finance laws
  
• Communicate with you throughout the loan process in a timely manner

Homebuyers are encouraged to look for adherence to these principals as important selection criteria when choosing a m0rtgage broker Look for a Loan Officer that's committed to be your financial resource before, during, and after your transaction.  There is a reason that mortgage brokers account for over 60% of the mortgages written in the United States.  As a member of the National Association of Mortgage Brokers, The Virginia Association of Mortgage Brokers and The Better Business Bureau we are commited to serving our customers honestly & fairly.