What is the role of a mortgage broker?

The role of a mortgage broker is primarily to connect borrowers with lenders and facilitate loan transactions. This involves helping potential homeowners or property buyers navigate the mortgage process by finding suitable loan options tailored to their financial situation. Mortgage brokers serve as intermediaries who have access to various mortgage products from multiple lenders, which allows them to shop around for the best rates and terms on behalf of their clients. They gather necessary financial information from borrowers, assist with the completion of loan applications, and guide clients through the mortgage process from start to finish, ensuring that the entire process is as smooth and efficient as possible.

In contrast, providing legal advice during mortgage closing typically falls under the purview of attorneys, not mortgage brokers. Underwriting, which involves assessing the risk of lending money to a borrower, is performed by underwriters who work for lenders or banks, rather than mortgage brokers. Servicing loans after funding is also not the responsibility of mortgage brokers; this function is handled by loan servicers who manage the ongoing administration of the loan after it has been originated and funded.