All about Wealthy You

A mortgage brokerage is a financial institution, either private or government owned, that brokers, not underwriting loans directly, but rather helping the borrowers find and apply for loans, with the help of mortgage brokers. They are like loan agencies but specialize in mortgage banking. A mortgage broker acts as a third-party intermediary who brokers mortgage loans for companies or individuals. In other words he acts as a sort of broker who goes between the lender and the borrower. Mortgage brokers can be specialized in one thing, or they can offer a variety of services to their clients. Some specialize in commercial lending, some in residential lending, some in both, etc. To get more information try out here Wealthy You

A mortgage brokerage service extends financial services to people seeking mortgage loans. He helps the borrower locate the lender who best meets the needs of the borrower. In many cases, a mortgage broker helps the borrower to secure the mortgage loan by providing financial counseling services to the borrower. Such counseling services may include advice as to how to handle credit inquiries, handling business and personal finance, finding mortgage lenders, negotiating with lenders, etc.

Mortgage brokers generally work with lenders that have an established business and/or are trusted by the borrower. These lenders will typically require a fee to allow the mortgage brokers to refer borrowers to them for the loan. Most mortgage brokers must also be licensed or at least registered with the Department of Housing and Urban Development’s Department of Mortgage and Housing. There are also independent mortgage brokers.