A brokerage, in financial terms, is a company that processes or brokers the transaction between an equities trader and a major equities exchange. A broker is also the party that mediates between a buyer and a seller, acting as a principal party in the deal.
In the past, banks and other lending institutions handled their own loans. But as the mortgage market has grown in size and competitiveness, mortgage brokers have become more common. In fact, in most markets, mortgage brokers are now the largest distributors of mortgage products for lenders. In order to ensure consumer protection, most mortgage brokers are regulated. The extent of the regulation depends on the jurisdiction.
The broker is responsible for providing advice that is appropriate for the borrowers circumstances, and they’ll be held liable if their advice is unethical or damaging to the client. In some jurisdictions, a brokers responsibility is limited to pointing the borrower in the direction of an appropriate lender, and they don’t otherwise advise the clients.
Tasks of a Houston mortgage broker:
1. It is the responsibility of a mortgage broker to conduct marketing...
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