In the lending industry, especially in the United States, England and Australia, lending brokers do not have to work for banks or other lending institutions. However, brokers are the largest distributors of products for lenders. Brokers are regulated so that consumers have some protection however with the increased number of jobs available brokers must be held to a higher standard. That is why brokerage firms should implement a mortgage broker quality control plan. Brokers:

• Market to attract customers
• Gather buyer documentation
• Assess buyer circumstances
• Complete applications
• Submit materials to lenders

Whether you are an independent broker or you own a company which specializes in mortgage planning, your brokers need to know what is expected of them from day one. There may be problems from time to time, but by providing brokers with a kind of check-list, those problems can be greatly reduced. QMS can help you develop a quality control plan for mortgage broker that will:

• Ensure compliance with lending regulations
• Offer professional reporting to management
• Gather correct documentation and properly completed forms