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Mortgage bankers are often confused with mortgage brokers, but they’re very different. A mortgage banker is tied to one financial institution, while a mortgage broker works independently of lenders.
For example, a startup valuing flexibility may prefer a line of credit, while one needing to make a one-time large purchase may feel a term loan is a better fit. ... Business credit card. Credit ...
The nature and scope of a mortgage broker's activities vary with jurisdiction. For example, anyone offering mortgage brokerage in the United Kingdom is offering a regulated financial activity; the broker is responsible for ensuring the advice is appropriate for the borrowers' circumstances and is held financially liable if the advice is later shown to be defective.
The main concern is that mortgage lenders and brokers, operating legally, are finding loopholes in the law to obtain additional profit. The typical scenario is that terms of the loan are beyond the means of the ill-informed and uneducated borrower. The borrower makes a number of interest and principal payments, and then defaults.
The mortgage broker originates the loan; however, the funding of the loan as well as the decision on the creditworthiness of the loan is handled by the wholesale lender. [2] The name of the wholesale lender typically appears on the loan documents, while the broker acts as an agent for the lender and collects a fee. [3]
Like a credit card, a business line of credit helps small businesses reuse the same credit line as they pay back the loan. The credit limit is set to an amount that’s reasonable for that ...