What does a mortgage broker do?
A mortgage broker may act as an intermediary between a borrower and participating lenders. The broker may collect financial information, help prepare an application and identify loan products that could match the borrower’s needs.
- Reviewing borrower goals and financial details
- Searching participating lenders and loan programs
- Explaining possible rates, fees and requirements
- Helping prepare mortgage applications
- Coordinating documentation and lender communication
- Supporting the process toward underwriting and closing