A mortgage broker is an individual who helps individuals or businesses get mortgage loans. This person maintains a directory of mortgage lenders and serves as a go-between for borrowers and lenders. He is paid a fee for any loan he originates in this capacity. A mortgage broker may deal directly with a lender or work with a group of lenders on his behalf.Learn more by visiting Prime Mortgage
A mortgage broker’s fees are determined by the amount of work he performs and the kind of transaction he closes. An origination charge and a commission on the sums advanced was paid to him by the mortgage lender. The title business, on the other side, gives him a fee based on the total valuation of the land progressed. And if he would transfer a percentage of the payments to the mortgage provider, a mortgage broker gains profits on both of these transactions.
The fee paid to the mortgage broker is usually 15% of the overall sum advanced, although this differs from business to company. Some firms often charge a premium for loan underwriting. The fees that lenders charge brokers differ as well. A bank, for example, does not charge a commission, although a title provider may charge a minor fee to offset costs such as loan application processing.