A not-for-profit trade outfit, the Maine Association of Mortgage Brokers or MAMB is an association representing the professionals engaged in offering specialized services in commercial as well as residential mortgages. The mortgage brokers in Maine are the main channels through, which the various mortgage loan programs available in the mortgage market may be accessed.
The success of mortgage brokers lie in the effectiveness as well as the efficiency with, which the mortgage broker is able to dole out a cost effective mortgage loan to the borrowers. A mortgage broker affiliated to the MAMB or the Maine Association of Mortgage Brokers should always be opted for.
MAMB is in turn affiliated to the NAMB or National Association of Mortgage Brokers. Role of the mortgage brokers in US subprime crisis: Opting for an experienced mortgage broker is of great importance.
Another parameter, which is regarded as essential in case of choosing mortgage brokers is that there should be compliance with the laws of the state. This idea may be further backed by the instances of US subprime mortgage crisis.
There are instances when mortgage brokers have dishonestly made borrowers qualify for mortgage loans despite the fact that they were not eligible.
Functions of mortgage brokers in Maine:
The categories of mortgage loans offered by mortgage lending institutes include the following types:
At any point of time, a number of quotations are available in the mortgage market. This is possible because a number of mortgage lending companies have also made their appearance in the mortgage market. To stay in the competition, lending companies offer several programs to borrowers.
Doing all the paper works for the clients is also one of the aspects taken care of by the mortgage brokers. Advising clients about the selection of interest rates is also taken care of by the mortgage brokers.
Last Updated on : 24th August 2013