Brokers claiming to be or acting as the agents of the borrowers should be treated as agents under the Principal Law. If brokers assert in a way that indicates they are shopping in behalf of the customer, then the broker should be subjected to the agency duties (Roos et al, 2006). This in turn will help in clarifying that a broker acts on behalf of the borrower and is obligated to act in the best interest of the borrower.
Loan Originators should properly be registered as well as being subjected to rigorous and as suitable standards for licensing. This will be of use to the mortgage brokers in the sense that they can guarantee the customers that the products offered are 100 percent genuine. This will also help the company to enhance its brand image (Saunders, 2003).
Brokers need to have enough finance resources to provide borrowers with relief wherever necessary. It is possible for brokers to maintain a minimum financial level net worth. It is therefore recommended that nationwide financial total worth requirements should be supported by firms such as Cheng Gong Credit Cooperation.
On and off the job training methods are available. On the job training methods are inclusive of coaching, mentoring, rotating job, technology for job instruction as well as apprenticeships. Other off the job training methods are inclusive of lecturing and conferencing, training through vestibule, stimulation activities, training for transactional needs and sensitivity training. Coaching for example is a one to one method to train employees (Thomas et al, 2005). It will help the mortgage brokers to identify in an easy manner where they lack and where their strengths are. Vestibule training will also offer significance to mortgage brokers as it is a training method that offers access to an aspect which is new. Within such training, workers are given training in a prototype environment over a particular job in a specific part of their workplace. This can be an attempt made to create new working conditions and new techniques to improve customer experience etc.