What to Check After Your Mortgage Broker Completes Work

After your mortgage broker completes their work, verify loan terms match your agreement, review all documentation for accuracy, confirm timeline compliance, check fee calculations, ensure proper licensing, and prepare for closing by organizing required documents and funds.

Why is it crucial to review your broker's completed work?

Your mortgage broker's work directly impacts one of the largest financial decisions of your life. Even experienced professionals can make errors, and market conditions can change loan terms unexpectedly. By thoroughly reviewing their completed work, you protect yourself from costly mistakes and ensure you're getting the loan you agreed to. This review process also helps you understand exactly what you're signing at closing, preventing last-minute surprises that could delay or derail your home purchase. Think of it as your final quality check before committing to decades of mortgage payments.

What loan terms should you verify first?

Start with the most critical elements that affect your monthly payments and total loan cost:

1. Interest rate matches what was quoted and locked, including any rate lock expiration dates
2. Loan amount is correct and doesn't exceed what you requested or qualified for
3. Loan term (15, 30 years) aligns with your original discussion and financial goals
4. Monthly payment calculations are accurate, including principal, interest, taxes, and insurance
5. Down payment amount and source documentation are properly reflected
6. Private mortgage insurance (PMI) requirements and costs are clearly outlined if applicable

Which documents require your immediate attention?

Your broker should provide these essential documents for your review:

• Loan Estimate (LE) showing all costs and terms in standardized format
• Pre-approval or commitment letter with specific loan details and conditions
• Good Faith Estimate breaking down all fees and closing costs
• Rate lock confirmation with expiration date and terms
• List of conditions that must be met before closing
• Timeline showing key dates including application, underwriting, and closing
• Lender contact information for direct communication if needed
• Copies of all documents you provided during the application process

How do you verify fee calculations and transparency?

Mortgage fees can be complex, making this verification step crucial for avoiding overpayment. Compare your Loan Estimate against your broker's initial quote, checking that origination fees, processing fees, and third-party costs align with what was discussed. Your broker should clearly explain their compensation method—whether they're paid by you directly, receive a commission from the lender, or both. Ask for a detailed breakdown of any fees that seem unclear or higher than expected. Remember that some fees may change slightly due to property-specific factors, but significant increases should be explained and justified.

What timeline compliance issues should concern you?

Timeline delays can cost you money and potentially derail your home purchase. Verify that your broker met the application submission deadline they promised, as delays can affect your rate lock period. Check that all required documentation was submitted promptly to the lender, and that you received timely updates about your loan's progress through underwriting. If your rate lock is expiring soon, ensure your broker has requested an extension if needed. Late submissions or poor communication with the lender often indicate organizational problems that could surface again during the closing process.

How can you confirm your broker's professional standing?

Professional verification protects you from potential licensing or ethical issues:

• Verify their license is current and in good standing with your state's regulatory body
• Check the National Mortgage Licensing System (NMLS) database for their record
• Review any disciplinary actions or complaints filed against them
• Confirm they're properly affiliated with a licensed brokerage firm
• Ensure they provided required disclosures about their licensing and affiliations

What closing preparation should be completed?

Your broker should prepare you thoroughly for the closing process. They should provide a comprehensive list of what you'll need to bring, including certified funds for closing costs and down payment, valid identification, and any additional documentation requested by the lender. Verify that they've coordinated with your real estate agent, the lender, and the title company to ensure everyone has the same closing date and time. Your broker should also walk you through what to expect at closing, including which documents you'll sign and approximately how long the process will take.

When should you contact the lender directly?

While your broker serves as your primary contact, establishing direct communication with your lender provides an important backup channel. Contact the lender if you notice discrepancies between what your broker told you and what appears in official loan documents. You should also reach out directly if your broker becomes unresponsive or if you have concerns about their professionalism. The lender can verify loan terms, confirm your application status, and clarify any conditions that must be met before closing. This direct relationship becomes especially valuable if problems arise close to your closing date.

What final quality checks ensure everything is ready?

Complete these final verification steps before proceeding to closing:

• All loan conditions have been satisfied and documented properly
• Your employment and income have been re-verified as required
• Property appraisal meets or exceeds your loan amount requirements
• Title search reveals no unexpected liens or ownership issues
• Homeowner's insurance policy is in place and meets lender requirements
• Final walk-through of the property is scheduled appropriately

The mortgage process doesn't end when your broker submits your application. Your active involvement in reviewing their work and staying informed throughout the process is essential for a successful closing.

Michael Rodriguez, Senior Loan Officer, First National Bank