What is a Mortgage Broker?

Mortgage brokers normally pass on the actual funding and servicing of loans to capital sources that act as loan "wholesalers." There are approximately 20,000 mortgage brokerage operations across the nation that originate over half of all residential loans in the US.

A mortgage broker is also an independent contractor working, on average, with 40 wholesale lenders at any one time. By combining professional expertise with direct access to hundreds of loan products, a broker provides consumers the most efficient and cost-effective method of offering suitable financing options tailored to the consumer's specific financial goals.