Often, most people think of a Mortgage Broker as a lender. But in reality, he is a link between the lender and the borrower; offering loans from different lenders to the borrowers. He could be an individual or a firm. You can also hop over to this website for hiring a mortgage broker.
A Mortgage Broker does not loan money to borrowers instead would help them in finding the perfect lender for their mortgage. So he needs to understand the psychographs of the borrower and of the lenders in order to look for a perfect match.
Once the lender is finalized it is the job of the Mortgage Broker to crack the deal with the lender in the lowest possible interest rates. In addition, the broker gathers all information from the borrower like his credit report, employment proof, asset disclosures, and property appraisals.
When this file of applications is ready the broker passes it on to the lender who in turn would pass the loan and give the loan money to the borrower.
As the Mortgage Broker has more than a hundred lenders on his list it is easy for him to look out for the perfect match. This gives him the power to counsel the borrower in choosing the lender and in getting better interest rates for their loan.
The Mortgage Broker is only responsible for the transaction until the money is transferred from the lender to the borrower. Once the transaction is made then the lender is responsible for everything that is related to the loan money.