A mortgage broker works as an independent agent who brokers mortgage loans for people or companies. An independent mortgage broker does not work for a single lender, but rather works for several lenders at the same time. As such, their job is to find the best deal for the loan that a borrower is requesting. Although they are independent of any lending company, they are still bound by their ethical obligations to maintain confidentiality with all of the borrowers that they refer to.Browse this site listing about Derwent Finance
One of the main roles of the mortgage broker is as a lead signor for a lender. This means that they are responsible for finding the best funding option for a loan and then presenting that loan to the buyer at closing. If the buyer for a loan is unable to obtain the required mortgage funds then the mortgage broker will make the necessary arrangements to find the lender to refinance the loan or to find new funding for the buyer. If they are unable to find a lender willing to refinance the loan then the mortgage broker may even assist in arranging an extension with the lender. This extension is basically a second mortgage which is subordinate to the first mortgage.
The fees that are associated with the mortgage broker are based on the amount of money that is going to be provided to the buyer for the loan. These fees are generally a percentage of the total mortgage funds that are provided to the buyer. Although some brokers charge a commission up to fifteen percent, other mortgage lenders do not charge any commission. The mortgage broker is not required to provide any documentation to the lender with regard to the referral or the fees that have been paid in the past. All referrals that come into the broker’s office must be signed by the buyer who has procured the mortgage funds.