August 30, 2006 by keith.

Goog question. There will be an origination fee which typically accrues to the lender. Then, brokers will get paid YSP from the lender that ultimately funds the deal. This is paid by the funding lender to the broker, and the amount will vary based on how desirable your loan is. Credit, LTV & loan amount will alll pat somje role.

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August 30, 2006 by keith.

I guess maybe Google doesn’t like blogs- all of the sudden today, this site dropped from first result with a google search for mortgage think tank to not even showing up.

what is up with that?

Maybe blogging software is reflective of a not serious web site, and thus google despises it?

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August 29, 2006 by keith.

This should be a simple answer, but its not.

A mortgage broker, as defined by the trade, is an agent who acts as a third party between consumers and lenders.

A broker can be a single individual, operating out of his own home. Or they could be a larger organization, such as a ‘net branch’ company which is a single corporate entity with many loan officers.

Here is the best definition of a broker.

They don’t have any money. They find funding from the many wholesale lenders for clients.

One defining characteristic is where the money comes from. If the broker has money, typically a line of credit called a warehouse line, then they are considered a lender and likely a correspondent lender who might sometimes also broker loans entirely.

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