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Mortgage Broker News | 03 Sep 2013, 01:00 AM Agree 0
Mortgage professionals are increasingly having to spend more time with a file before submission in order to clear the rising hurdle of due diligence and avoid the kind of back-and-forth with a lender that frustrates borrowers.
  • M. Robertson | 03 Sep 2013, 12:46 PM Agree 0
    Isn't it the job of a mortgage broker to ensure that the information presented to a lender is accurate and that they have conducted their due diligence? If I remember correctly, that is a part of the licensing requirements for being a broker or agent. How can a broker claim that they have done their full due diligence without verifying that the information they are presenting to the lender for consideration is accurate? Doesn’t that require obtaining documentation that proves the information? Just because a lender may not have asked for the documents before, does that negate the responsibility of the mortgage broker to ensure that the information presented is accurate?

    Given that fraud rates from the broker community are higher than direct to consumer, it really is not a surprise that lenders want to see proof. Is it?
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