What Is Responsible Mortgage Lending?

When people talk about responsibility or being responsible they are typically talking about doing the right thing. To a borrower, Responsible Mortgage Lending implies that there is some built in consumer protections. To a lender, Responsible Mortgage Lending means that the integrity of the transaction is protected, no fraud has occurred, the transaction was completed the right way with all documents accounted for and all questions ask and answered. To the loan officer, Responsible Mortgage Lending means that the borrower received the best loan they qualified for, they were informed about the pros and cons of the transaction and that in the end the borrower benefited from the transaction.

Unfortunately not all transactions are stress free. While you may think your transaction is simple, there are rules and regulations that govern how information is not only obtained but applied. A Responsible Lender will point these out upfront and negotiate your loan through the system. This is where the true talent of the Mortgage Professionals shines. It also happens to be my strongest suit.

But to you the borrower what does Responsible Mortgage Lending mean?

• Your lender will not lie or otherwise deceive you.
• Communication from the lender will be open and honest.
• You will be dealt with in a professional manner.
• Questions and phone calls will be returned in a reasonable amount of time, typically same day.
• The costs of your loan will be fully explained and will be a good representation of what to expect at your closing.
• There will be no hidden costs or agendas.
• The transaction will be completed in a competent and proactive way.
• Your lender will offer you a set of choices to choose from for financing, fully explaining the pros and cons of each.
• You will be dealt with in a professional manner regardless of your loan size or credit situation.
• Your lender not only hears you but listens to you and delivers you solutions that best fit your situation.
• Your lender will not put you into a product that does not fit you.
• Your lender will not over charge you for their benefit.
• Your lender will counsel you and act as a trusted advisor. They will guide you and teach you how to manage your mortgage debt and live a life of abundance.
• Lastly, you will not be placed in a loan that could negatively impact your ability to repay the note, possibly placing your home in jeopardy.