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Mortgage Broker A mortgage broker performs an intermediary role between banks (and other financial institutions) and individuals or businesses seeking financing for the purchase of real estate. In the United States, some 80 percent of home loans issued are negotiated through the services of a mortgage broker acting as a conduit between buyer and lender. In 2005 there were approximately 20,000 mortgage brokerage operations actively conducting business in the U.S. Among their other functions, mortgage brokers assess the client's overall financial circumstances including their credit history and find a mortgage offering that fits the needs of those circumstances and of the purchase. They apply for the mortgage on behalf of the client, gathering all supporting documents as required, and explain all aspects of the process to the client, seeking signatures and other verifications up to and through the "closing" or final conclusion of the sale. Mortgage brokers are registered within the state where they conduct business. More terms explained |
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