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SOP Manual for Mortgage and Nonmortgage Loan Brokers

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This article discusses “Mortgage and Nonmortgage Loan Brokers and its SOP Manual”. This industry comprises establishments primarily engaged in arranging loans by bringing borrowers and lenders together on a commission or fee basis. The total revenue and annual payroll are $12,771,168,000 and $4,226,676,000 respectively in 2017.A mortgage broker is an intermediary who brings mortgage borrowers and mortgage lenders together, but who does not use their own funds to originate mortgages. The mortgage broker also gathers paperwork from the borrower and passes that paperwork along to a mortgage lender for underwriting and approval purposes.

Types of Mortgages: 

  • Repayment mortgages.
  •  Interest-only mortgages
  •  Fixed rate mortgages
  •  Standard variable rate (SVR) mortgages
  •  Discounted rate mortgages
  •  Tracker mortgages
  •  Capped rate mortgages
  •  Flexible mortgages.

The North American Industry Classification Systems (NAICS) has grouped services and activities associated with Mortgage and Nonmortgage Loan Brokers under the NAICS industry code 522310. The following list shows some activities that are associated with industry 522310,

  •  Agencies, loan
  •  Brokerages, loan
  •  Brokerages, mortgage
  •  Brokers' offices, loan
  •  Brokers' offices, mortgage
  •  Loan brokerages
  •  Loan brokers' or agents' offices (i.e., independent)
  •  Mortgage brokerages
  • Mortgage brokers' or agents' offices (i.e., independent)
Some of the international association of Mortgage and Nonmortgage Loan Brokers:
  • The National Association of Mortgage Brokers (NAMB).
  • Risk Management Association (RMA).
  •  Mortgage Bankers Association (MBA).
  •  American Bankers Association (ABA).
  •  Government National Mortgage Association (GNMA).
  •  Connecticut Mortgage Bankers Association (CMBA).
  •  Mortgage Bankers Association of New Jersey (MBANJ).
  •  Empire State Mortgage Bankers Association (ESMBA).
  •  Tennessee Mortgage Bankers Association (TMBA).
  •  The Mortgage Bankers Association of the Carolinas (MBAC).
  •  Massachusetts Mortgage Bankers Association (MMBA).
  •  Texas Mortgage Bankers Association (TMBA).
  •  Illinois Mortgage Bankers Association (IMBA).
  •  The Mortgage Bankers Association of Florida (MBAF).
  •  The Mortgage Bankers Association of Southwestern Pennsylvania (MBASP).
  • Indiana Mortgage Bankers Association (IMBA).
  •  The Mortgage Bankers Association of Metropolitan Washington (MBAMW).
  •  California Mortgage Bankers Association (CMBA).
  •  The Mortgage Bankers Association of Louisville (MBAL).
  •  Ohio Mortgage Banker Association (OMBA).
  •  Mortgage Banker Association of Kentucky (MBAK).
  •  Mortgage Banker Association of Georgia (MBAG).
  •  Mortgage Bankers Association of Mississippi (MBAM).
  •  Mortgage Bankers Association of Alabama (MBAA).
  •  Mortgage Bankers Association of Central Florida (MBACF).
  •  The Greater Cleveland Mortgage Bankers Association (GCMBA).
  •  The Delaware Mortgage Bankers Association (DMBA).
  •  Mortgage Bankers Association of Tallahassee (MBAT).
  •  Houston Mortgage Bankers Association (HMBA).
  •  Tidewater Mortgage Banker Association (TMBA).
  • Young Mortgage Banker Association (YMBA).
International Standard Related to this Industry:
  • ISO 9001: 2000
Few of the World best Companies in this industry are,

Some of the magazines and journals that will keep you track on:
You Tube:
https://www.youtube.com/watch?v=aHVetxjyZgQ  |

Written by SOP Team

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