By dealing with a licensed individual, you'll be confident that the mortgage broker or agent has met specific education, experience and suitability requirements.
You'll also be sure that the mortgage brokerage will:
- Adequately supervise individuals who work for the mortgage brokerage.
- Be held accountable for ensuring that its employees (mortgage brokers and agents) follow the law.
- Disclose the nature of its relationship with borrowers and lenders.
- Have errors and omissions insurance with coverage for fraudulent acts.
- Inform you of all your requirements for the mortgage.