Mortgage broker is an entity that introduces borrowers and lenders for the purpose of loan generation. Can be considered an intermediary for individuals or businesses. The mortgage market may be confusing for a business owner who is not familiar with it. The market is extrememly competitive and different lenders will try to attract potential customers by any means necessary including different rate offers and other incentives. A mortgage broker can help the business owner select an appropriate mortgage for their business and offer them other advise as well. Since mortgage brokers have access to so many different funding sources, they can also help businesses with poor credit, or other difficult circumstances, find a suitable mortgage lender.
A mortgage broker is very similar to a loan officer but there are several main differences. A loan officer is usually tied to a specific lending institution and is involved in the loan process itself. They are also not liable for their actions since they are acting on behalf of their institution. A mortgage broker is typically a bit more experienced and is completely liable for their actions. They are not involved in the loan process and they use other people’s money to fund their deals.