mortgage broker

Definition

A middleman who shops your loan application to multiple lenders, theoretically saving you time and getting better rates. Sometimes actually does this.

Example Usage

The mortgage broker found them a rate a quarter-point lower than their bank offered, earning their fee and their eternal gratitude.

Origin

Profession formalized as mortgage lending became more complex and specialized

Fun Fact

Mortgage brokers originated about 70% of residential mortgages before 2008, but their market share plummeted after the crisis amid accusations of predatory lending.

Source: Mortgage industry terminology

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