Definition from Nolo’s Plain-English Law Dictionary
A person or entity that specializes in matching homebuyers with appropriate mortgage lenders. Loan brokers (also known as mortgage brokers) make most of their money by marking up the costs on the loan the wholesale lender is offering. Loan brokers provide an easy and effective way to find the cheapest mortgage rates, given the borrower's financial situation and goals. Many states require loan brokers to be licensed.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:19 pm