What is a typical function of a mortgage broker?

A typical function of a mortgage broker is to act as an intermediary between the borrower and lender. This role is crucial as the mortgage broker helps to facilitate the loan process for borrowers, guiding them through options and matching them with lenders that meet their specific needs. Mortgage brokers have access to multiple lending sources, allowing them to compare different loan products and present the best options available to the borrower.

The intermediary function also involves helping borrowers with the paperwork required for loan applications, educating them on the loan process, and advocating on their behalf with lenders. By doing so, mortgage brokers can streamline the borrowing process and improve the chances of securing favorable loan terms.

In contrast, originating loans for direct lending typically falls under the responsibilities of a lender rather than a broker. Loan servicing is generally managed by the lender after the mortgage has been established, taking care of payment processing and customer inquiries. Advising on investment properties is just one aspect of a real estate professional's duties and does not encompass the broader role of a mortgage broker, which involves various types of loans for a wider range of property purchases.