Mortgage broker
Definition
An independent contractor who offers the loan products of multiple lenders, termed wholesalers. A mortgage broker counsels on the loans available from different wholesalers, takes the application, and usually processes the loan. When the file is complete, but sometimes sooner, the lender underwrites the loan. In contrast to a correspondent, a mortgage broker does not fund a loan. For articles on mortgage brokers and how to deal with them, see Mortgage Brokers.
Related Terms Other terms related to 'Mortgage broker' starting with the letter 'M' Maximum loan amount, Mortgage referrals, Maximum lock, Mortgage lender, Mortgage insurance
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