Mortgage Brokers
Mortgage Brokers are companies that originate loans with the intention of brokering them to wholesale lending institutions. Mortgage brokers can take the form of an individual or company that brings borrowers and lenders together for the purpose of loan origination. Unlike a mortgage banker, brokers do not fund the loan but work on behalf of several lenders. Brokers typically require a fee or a commission for their services.
A broker has established relationships with these companies, while underwriting and funding takes place at the wholesale lender. Many mortgage brokers are also correspondents, which is why many of them also claim to be mortgage bankers. Mortgage brokers deal with lending institutions that have a wholesale loan department.
If you would like to learn more about other types of lenders, click any of the links listed below:
In this section you will find out information about each type of lender and also find specific information about the most popular lenders of today, such as:
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