How does a mortgage broker get paid?
MOST Financial Institutions pay a referral fee to the Broker for doing all the legwork and credit research for them (the job of a loans officer). Since this service is valuable, a commission is paid by the lending institution to the mortgage broker. In some rare circumstances, a client’s financial requirements, credit, or job situation is more complicated and in these cases fees payable to the Mortgage Broker and/or the Lender may be charged.
