Mortgage Advisers
2011 March 24
A professional independent mortgage adviser essentially acts as a mediator between a perspective homebuyer and a lending institution. The mediator works with the buyer to find the best mortgage deal possible. For this service the broker receives a fee or commission, the buyer is able to buy the home of his or her dreams.
A mortgage broker differs from the mortgage banker (or loan officer) in that a mortgage banker loans money from his or her own institution, while the broker obtain lending institutions and finance companies to find money for his or her client. The banker working for the bank, the broker can either work for a brokerage firm or be self-employed. Broker works with many sources, sometimes as many as sixty at a time.
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