Runner. Mortgage lender. Bank Loan Officer. They are all the same. Their job is to sell you mortgages. Period … Well, not exactly. While the three are closely related, the nature of their jobs deviates slightly from each other.
Contrary to popular belief, brokers do not work for the loan company or any loan organization or firm. A mortgage broker is a real estate financing professional who works independently from a lender. A broker concentrates on instigating residential or commercial mortgages. The loan company is the “wholesaler”. The broker is the one who provides the actual funds and services to these loan “wholesalers”.
Basically, mortgage brokers are independent agents who work with (not for) various wholesale lenders. Almost half of all residential real estate loans in the United States are instigated by brokerage firms’ operations.
Brokers have direct access to hundreds of loan products. Because of this, brokers are best when it comes to providing consumers with profitable and efficient options that meet their specific loan needs. The broker evaluates and provides an evaluation based on the financial details provided by the client. Using this information as leverage, the broker would search through the hundreds of published rates to find the best one for the client. In this way, a mortgage broker not only provides clients with experience and convenience, but also options.

The mortgage loan is a complicated task. mortgage broker act as guides for consumers, helping them throughout the process. When confusion arises, brokers help to dispel this by offering extensive options and advice to help the consumer maintain his financial balance with his goal.
When clients have bad credit or an unattractive credit history, mortgage brokers help them obtain loans by looking for loan companies that are willing to allow these types of consumers to borrow money. Mortgage brokers also use novel loan packages to enable low to moderate income clients to enjoy the benefits of home ownership.
Mortgage brokers help consumers save time, money, and effort. Because brokers provide an assessment of their clients ‘financial status, they can easily focus on products that more or less cover and are tailored to clients’ needs. This makes work easier and less time consuming. Brokers maintain contacts with various loan companies. This allows brokers to obtain the cheapest loans for their clients.