What must an Independent Contractor for residential loans do?

An Independent Contractor for residential loans primarily serves as a broker or intermediary that facilitates the connection between the borrower and potential lenders. Shopping the loan to lenders is a crucial responsibility because it allows the independent contractor to compare different loan products, terms, and interest rates, ensuring that clients receive the best possible deal tailored to their financial needs. This role emphasizes the function of sourcing and negotiating mortgage options with multiple lenders, which is distinct from being employed by a single bank or financial institution, thus highlighting the independence and breadth of options available to clients.

The other tasks mentioned, such as handling property appraisals or limiting client consultations, do not typically fall under the purview of an independent contractor in this context. They focus on finding and offering loan solutions rather than appraising property values or restricting client interactions.