How Much Does A Mortgage Broker Usually Make Off Of A Mortgage Loan?
Since compensation methods for mortgage brokers are not regulated by any government entity, it is important to note that brokers can charge whatever they want to for their services. Of course, since the number of brokers in the residential real estate market has steadily increased to the point where it is impossible to count how many there are, a number of industry standards have formed and become unofficial guidelines for how and what brokers will charge.
Who Pays The Brokers? Mortgage brokers get paid from multiple sources, and the most notable and substantial are the borrower and the lender. Since the brokers responsibility is to act as liaison and intermediary between the lender and the borrower, he is entitled to payment for such services. The borrower will pay the broker for assisting with completion and submission of the loan application paperwork, negotiating the best possible rates and contract provisions with the lenders, and acting as an independent resource for any and all questions or concerns. The lender will also pay the broker for assisting the borrower with paperwork, fielding...
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