Home » What is a Mortgage Broker

What is a Mortgage Broker

Different from a mortgage lender, a mortgage broker is a middle man between borrowers and banks who shops around to find a borrower the best rate and fees. While mortgage brokers may handle some of the funding paperwork, the lender is ultimately responsible for underwriting approval. Mortgage brokers may charge you a fee or a percentage of your loan’s interest from the lender, called a yield spread premium (YSP).