A mortgage broker acts as an intermediary who brokers
mortgage loans on behalf of individuals or businesses.
Traditionally, banks and other lending institutions have
sold their own products. However as markets for mortgages have become more
competitive, the role of the mortgage broker has become more popular. Today in
most developed mortgage markets (especially in Canada, the U.S., the UK,
Australia, New Zealand and Spain) mortgage brokers are the largest sellers of
mortgage products for lenders. Mortgage brokers exist to find a bank or a
direct lender that an individual seeks with a specific loan the individual is
seeking. Mortgage brokers in Canada are paid by the lender and do not charge
fees for good credit applications.
The majority of mortgage brokers are regulated to ensure
compliance with banking and or finance laws in the jurisdiction of the consumer. (Wikipedia)
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