Mortgage Broker

An individual or firm that brings borrowers and lenders together for the purpose of loan originationThe process by which a loan is made, which may include taking a loan application, processing and underwriting the application, and closing the loan.. A mortgageA loan using your home as collateral. In some states, the term mortgage is also used to describe the document you sign (to grant the lender a lien on your home). It also may be used to indicate the amount of money you borrow, with interest, to purchase your house. The amount of your mortgage often is the purchase price... brokerA person or firm that acts as an agent between providers and users of products or services, such as a mortgage broker or real estate broker. See also “Mortgage Broker.” typically takes loan applications and may process loans. A mortgage broker also may close the loan.