What is the primary role of a mortgage broker?

The primary role of a mortgage broker is to connect borrowers with lenders to facilitate loan applications. This involves acting as an intermediary between the borrower and multiple lending institutions, helping borrowers find the most suitable mortgage products for their individual needs. Mortgage brokers assess the borrower's financial situation and preferences, then shop around among various lenders to present the best options available, which can result in better rates and terms for the borrower. By leveraging relationships with lenders, brokers streamline the loan application process and ensure that borrowers have access to a range of financing options.

Other roles, such as providing direct loans, underwriting, or managing real estate properties, fall outside the core function of a mortgage broker. A lender typically provides direct loans, while underwriting is the process of evaluating and approving loans, usually handled by the lender’s staff. Managing real estate properties is a separate area known as property management, unrelated to the services offered by mortgage brokers.