Do Mortgage Brokers Represent Borrowers?
Do Mortgage Brokers Represent Borrowers? Wednesday April 25, 2007 For the most part, professionals engaged by a buyer in the home buying process represent the buyer. A real estate lawyer hired by a buyer represents the buyer. A real estate agent hired exclusively by the buyer represents the buyer. Even the insurance agent who writes the home buyer’s home insurance represents the buyer to some extent. But the lender does not. Think of it like going to Target. Red bulls-eyes everywhere. Clean aisles. Good selection and choices in merchandise. Customer hotline phones conveniently located. Cheerful stockers and check-out clerks. But Target is selling you a product. It does not represent you. But unlike Target, even with a receipt, you can’t take your mortgage loan back to the mortgage broker for a refund if you are later dissatisfied. Here’s what you need to know about mortgage broker representation. The only
