What is a Mortgage Broker?

Mortgage brokers facilitate transactions between mortgage borrowers and lenders.  They are responsible for providing paper work between the parties and generally streamlining the process of making a mortgage. It is important to note that a mortgage broker neither originates nor provides funds for a loan. If the mortgage broker is unaffiliated with the lender, he/she may negotiate on behalf of the borrower for better terms. In any case, the mortgage broker receives a fee from the lender for locating the borrower and bringing him/her to the lender.

 

Learn more about mortgage brokers, including how to find one and how to become licensed as a mortgage broker here.