Mortgage Brokers are companies that originate loans with the intention of brokering them to wholesale lending institutions. A mortgage broker will already have established relationships with these companies.
originate loans that are funded by primary lenders. Getting your loan through a mortgage broker is riskier than through a primary lender or mortgage banker, because in times of tight money, mortgage brokers are the first lenders to have difficulty fulfilling their mortgage commitments.
Differ from mortgage bankers in that they invest no capital; their prime function is to bring together borrowers and lenders.
Person or organisation that markets several loans from a panel of lenders. Their service is to offer the best loan to suit a borrower's circumstances
A firm or individual who, for a commission, matches borrowers and lenders. A mortgage broker takes applications and sometimes processes loans, but generally does not use its own funds for closing.
Professionals that analyse a customers financial needs and then present those details to the most favourable lender. Usually a broker will only act as a go between and not lend money from their own books. Approximately 35% of all home loans are written by mortgage brokers in Australia. The figure is approximately 70% in The United Kingdom and The United States.
A person or organization marketing numerous loans from a panel of lenders. They offer a service where they will select the best loan or loans for borrowers from this selection. True Choice Home Loans is an excellent example of a reputable Mortgage Broker.
