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Working in the mortgage system : working as a loan officer in real estate’s
Fatawa Question
I currently live in the US, and was thinking of getting a job in real estate as a "loan officer. Below, please find a description of what the job consists of : 1. We call on homeowners who may be interested in refinancing their home at lower interest rates. Hence, the way I look at it (and I may be wrong) is as follows : since I have no control over completely removing interest (the bank is the lender) I at least try to help people pay less interest on their current mortgage and save them money, where applicable. So in the case above we often get customers a lower rate on the mortgage they're carrying. 2. In the current economic situation (people being laid off...) folks often find themselves in dire need for cash. So by refinancing their home, (even if it is at the same rate as they currently have, some banks would actually provide them with 10K or 20K liquid cash, given that they refinance their home with that bank). Note again, I'm not trying to paint a "nice and clean" picture of what a loan officer does. I'm rather offering details of what he / she really ends-up doing. In this case, although we don't always succeed in getting a lower rate for the customer, we often end-up helping him / her get their hands on some cash, so they can survive the tough economic conditions. Please advise of the "legitimacy" (Halal or Haram) of this job, as it pertains to the Islamic Shari’ah.
Fatwa
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Publication Date
2002-12-28
Main Subjects
Economics & Business Administration
Islamic Studies
Topics
No. of Pages
2
Data Type
Fatawa
Language
English
Record ID
BIM-725597
American Psychological Association (APA)
Qahf, Mundhir. 2002-12-28. Working in the mortgage system : working as a loan officer in real estate’s. .
https://search.emarefa.net/detail/BIM-725597
Modern Language Association (MLA)
Qahf, Mundhir. Working in the mortgage system : working as a loan officer in real estate’s. 2002-12-28.
https://search.emarefa.net/detail/BIM-725597
American Medical Association (AMA)
Qahf, Mundhir. 2002-12-28. Working in the mortgage system : working as a loan officer in real estate’s.
https://search.emarefa.net/detail/BIM-725597