What does a mortgage broker do?

Answer by  scrappie (13)

A mortgage broker's responsibility is to act as a go-between between the person or institution wanting to borrow money on real property and the institution that is going to lend them the capital. The broker will often pre-approve the borrower and can make recommendations that will meet their client's needs.

Answer by  Touchdown (317)

A mortgage broker helps customers obtain affordable mortgages by shopping various loans. The customer typically pays a bit higher of rate for this service.

Answer by  mem4dr (1378)

A mortgage broker acts as a "middleman" between an individual and a financial institution that offers mortgages. Generally, a mortgage broker is paid a commission on each mortgage taken out.

Answer by  k99 (489)

Mortgage Brokers sell products for lenders. They work as an intermediate between the buyer and the lender. Brokers usually have a license or register with the state they are working in and can be held peronally liable for loan fruad.