Dictionary of Banking Terms: mortgage broker
mortgage broker
person who brings borrower and lender together, earning a commission. A mortgage broker may also place loans with investors, but he does not collect the mortgage payments.
Dictionary of Business Terms: mortgage broker
mortgage broker
one who, for a fee, places loans with investors, but does not service such loans.
Dictionary of Finance and Investment Terms: mortgage broker
mortgage broker
one who places mortgage loans with lenders for a fee, but does not originate or service loans.
Dictionary of Real Estate Terms: mortgage broker
mortgage broker
one who, for a fee, places loans with investors, but does not service such loans.
Example: The Ace Development Company wants to build a shopping center. A mortgage broker charges a 1% fee for each construction loan (placed with a commercial bank) and the permanent loan (placed with an insurance company).
