Mortgage Operations

by | Aug 27, 2013 | Business Services

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Very few people are in a position to pay outright the purchase cost for somewhere to live. This means that, unless they choose to be homeless or can live free in someone else’s abode, they have two choices.

1. They arrange a loan to cover all or part of the required purchase price for the property where they wish to live.

2. They forget about actually owning property and live in property that they rent from someone else.

The most common type of loan for property purchase is known as a mortgage. When you take out a mortgage, it is always a secured loan in as much as the property deeds are entrusted to the lender of the money. To all intents and purposes, you own it and can do more or less what you like with it but, only for as long as you make your contractual payments on both the interest and the repayment of the loan capital amount. Should you fail to make your payments, the lender has the right to take the property away from you.

When you have chosen a property that you wish to purchase, you then need to approach a suitable lender to obtain the funds. This might be a bank or similar financial institution but, it will be an organization that employs at least one person in charge of their entire mortgage operation. Established and reliable institutions will seek out the most qualified people to undertake their Mortgage Operations Manager Jobs – if these guys are not “on the ball”, your application and subsequent mortgage could be at risk.

You may never get to see the top manager for the whole operation but you will be seen by a Mortgage Executive. This guy is very important to you because he will be closely involved with the process of bringing together you (the mortgage applicant plus, often, your chosen mortgage broker) and those actually involved with the mortgage operations. Those who provide the funds for mortgages and the actual institution that underwrites and provides the mortgage. Obviously the Mortgage Executive is tasked with responsibility for bringing in new business for his employer’s mortgage operation but his key role is to be the bridge between all involved in the process.