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Mortgage broker |
Also found in: Wikipedia | 0.02 sec. |
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Mortgage broker A company or individual that places mortgage loans with lenders, but does not originate or service loans like a mortgage banker. Mortgage Broker One who facilitates transactions between mortgage borrowers and lenders. Mortgage brokers 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. See also: Mortgage banker. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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