Mortgage Professionals is a blanket term which constitutes all the types of people involved in the mortgage industry and that go in the completion of a mortgage. Mortgage professionals in Canada have a trade association, namely & Mortgage Professionals Canada, founded in 1994. This association provides accreditation to the various qualified people with the designation of a mortgage professional, in whatever category he is. Apart from that they also take up consumer education and awareness activities and events and is information providing organization to the mortgage professionals.
Who all constitute as Mortgage Professionals?
Mortgage Brokers are the most important catalysts in a mortgage transaction. Majority percentage of the mortgage deals that take place is through the mortgage brokers. Mortgage brokers had started gaining importance in the late twentieth century when competition in the mortgage lenders increased drastically. Mortgage brokers are prominent people in the mortgage transactions because they connect the mortgage seekers to the mortgage lenders, and provide many other services than just brokerage. Other services provided by mortgage brokers include legal work, financial and real estate consultancy etc. A mortgage broker’s major share of income comes from the commission that they receive from the mortgage lenders.
Mortgage Lenders include financial institutions such as Banks, Non-banking financial companies, Financial associations etc. The type of loan a mortgage seeker seeks is important, but the type of lender he chooses is even more important. Among numerous types of mortgage lenders and mortgage options available, mortgage brokers are able to best guide the mortgage seekers to their desired choices.
Mortgage Insurers, as it literally means, are the insurance providers to the mortgage lenders to protect them from defaults by the Mortgage seekers. Generally, big insurance companies and government companies constitute mortgage insurers.
Other Stake Holders
Other Stake Holders under mortgage professionals refer to the Mortgage regulators i.e Mortgage Brokers Regulator’s Council etc., consumers education professionals, administrative body, the Canadian Government.