Mortgage Broker: A person or company that obtains a mortgage loan for the borrower from another lender. A mortgage broker will not always be representing the borrower and will not necessarily be looking after the borrower's best interests.

 

Related Words

Mortgage Broker: A person or company engaged in the arrangement of mortgages for buyers. The broker is usually paid a commission by the lender.

Mortgage Broker-Company: A person or firm that acts as an intermediary between borrower and lender, one who, for compensation or gain, negotiates, sells or arranges loans and sometimes continues to service the loans . . . View Full Definition

Lender Paid Compensation To Broker: This is also called the Yield Spread Premium. Fee which the lender pays to the mortgage broker for obtaining the loan for his client.

Broker Agreement: A contract between a borrower and a mortgage broker. It describes what the broker will do for the borrower, and the terms of the agreement, including compensation.

Mortgage REIT: An REIT that invests in loans secured by real estate that derives income from mortgage interest and fees.

Mortgage Revenue Bonds: A type of tax-exempt industrial development bond offered by state and local governments through their housing financing agencies.

Mortgage Servicing: The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default, involved with a mortgage loan.

Mortgage Rate: The interest rate on a mortgage loan.

Mortgage Protection: Term assurance to cover the repayment of a mortgage in the event of the death of the mortgagor during the period of the loan.In the case of a repayment mortgage the capital sum outstanding i . . . View Full Definition

Mortgage Pipeline: The period from the taking of applications from prospective mortgage borrowers to the marketing of the loans.