In real estate finance, a mortgage broker is a person or firm that, for a fee, brings together borrowers and lenders for the purpose of obtaining a loan secured by real property. The broker acts as an intermediary rather than a direct source of funds.
A mortgage broker typically assists the borrower by preparing and submitting loan applications, gathering required documentation, and coordinating the lending process. The loan is ultimately funded by a separate lender, with the borrower securing the obligation through a mortgage or deed of trust.
