Finance Q&A

What Is A Mortgage Broker?

Edwards Finance > Mortgage

Q. What Is A Mortgage Broker

A. Mortgage Broker: An individual person who acts as an associate for either a licensed mortgage broker business or any licensed lender. A licensed mortgage broker is authorized to solicit mortgage loans on behalf of a borrower, to accept an application, and to negotiate terms and conditions of a mortgage loan on behalf of a lender. The *primary* difference between an *unlicensed* loan officer and a *licensed* mortgage broker is that a mortgage broker can "negotiate terms and conditions of a mortgage loan on behalf of a lender" - a loan officer who is *not* a licensed mortgage broker cannot legally execute the aforementioned duties. By definition, a *licensed* mortgage broker *is* a loan officer. It is also worth noting that some Loan Agents (to use an ambiguous term) do not work for a Brokerage, or for a Broker, but instead work for a Direct Lender. In this case it would be a misnomer to call the Agent a Mortgage Broker because the do not *broker* loans. In this case you may certainly come across an individual who considers themselves a Loan Officer, Mortgage Consultant or any number of other creative titles. In most cases these Agents are indeed licensed (although not always).

 


Ask Edwards a Finance Question

 

Other Questions:

Looking for a second opinion mortgage on tooth situation.

Looking for a second opinion mortgage on tooth situation. Any information?First, I'd have to look at diagnostic casts to see if the teeth on the right side your mouth have shifted over to the left to close that space. Does the midline between yo...

Florida Mortgage Broker looking for multi -state company?

I'm a licensed mortgage broker in Florida and I'm looking to originate out of state loans as well as Florida loans. I'm also looking to work from my home office. Is anyone aware of a company out there that meets the following criteria: 100% c...

Can anyone recommend a Texas mortgage broker?

I've just started to shop around for my first mortgage (and yes, I'm already nervous and cranky). Are any mortgage brokers worth going to first - or worth avoiding at all costs?Texas Commerce Mortgage 972-841-5263 They have great rates and m...

Refinance problem: is mortgage broker responsible in Virginia?

Refinance problem: is mortgage broker responsible in Virginia?We applied for a refinance two month ago with with a Mortgage broker in Virginia. I asked the loan officer to lock in the interest rate for us over the phone, then met with her to do...

What Does A Mortgage Broker Do

What Does A Mortgage Broker DoA mortgage broker is a loan officer but a loan officer may not be a broker. A loan officer works for a mortgage broker in many states. But, you are right they are often used interchangeably. - That is not my ...

 

Edwards Finance Menu

Ask a Question
About Us / Me
Contact Me
Privacy Policy

Sitemap

My Favorite Sites

PFBlog
Google Finance
Yahoo Finance
Motley Fool
Nveille's Financial Blog
AllFinanceMatters
Free Money Finance
2MillionBlog
The Terror Finance blog

Q&A Subjects

CAD Drafting
Bankruptcy
Phones
Credit Check
Debt Consolidate
Wills
Foreclosure
Personal Budget