Mortgage Brokers and Borrowers: An Evolving Relationship

From the May 24th edition of the Wall Street Journal I clipped the following questions from James Hagerty's article titled: Mortgage Broker: Friend or Foe. It is an article about how amid today's mounting mortgage defaults, State and U.S. Lawmakers are weighing measures to make the mortgage profession more accountable to borrowers (to read the article in full just click on the clip below).

While the political outcomes will be tomorrow's news, TODAY borrowers can begin asking of their Loan Broker or "Trusted Advisor" the questions outlined in Hagerty's article posted below:

clipped from online.wsj.com

The Founders of Wealth Builder University support The National Association of Mortgage Brokers, the main nationwide trade group for brokers, in their position favoring clear disclosures to consumers and no hiding of important details.

Further, we advocate a more wholistic or complete planning process be undertaken during  the mortgage planning process for a borrower.In addition to Hagerty's suggested questions we would encourage you to ask of your Loan Broker the following:

Does your mortgage process empower me with knowledge about Credit Score Management, my optimum Liability Management strategy and Prepaid Retirement opportunities? If your Broker says, no or you don't trust his answer look for a "Trusted Advisor".

In today's "transparent world", what are your thoughts about mortgage brokers, regulations, disclosure, loan fees and a Trusted Advisor who puts the interests of the borrower first; versus a Mortgage Broker who "sells access to money" ?

Greg Johnson, Co-founder
Wealth Builder University