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What is a Mortgage Broker?
Definition of ‘Mortgage Broker’
An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. A mortgage broker gathers paperwork from a borrower, and passes that paperwork along to a mortgage lender for underwriting and approval. The mortgage funds are then lent in the name of the mortgage lender. A mortgage broker collects an origination fee and/or a yield spread premium from the lender as compensation for its services. (Source http://www.investopedia.com/terms/m/mortgagebroker.asp)
What do mortgage brokers do? Find out from Ms. Mortgage Broker!
This video was developed to educate lawmakers and consumers about the important and involved role mortgage brokers play in the home-buying process.
Use a certified mortgage broker!
The Alabama Mortgage Professionals Association and The National Association of Mortgage Brokers (NAMB) are a not-for-profit organization committed to promoting the highest degree of professionalism for its members and providing ethical and professional standards against which mortgage brokers can be measured. In order to achieve this goal, AMPA and NAMB have developed a rigorous certification program to recognize brokers who have attained the highest levels of professional knowledge. Developed through extensive research by mortgage industry professionals, an AMPA and NAMB certification is gained only once the candidate has met certain requirements of experience and knowledge to practice mortgage brokering and has passed a written examination. When combined with our code of ethics and best business practices, an AMPA and/or NAMB certified mortgage broker is your guarantee that you are dealing with a recognized professional in the mortgage origination field.