Mortgage brokers earn a commission from the borrower, the lender, or both. These commissions, known as origination fees, are commonly 1% to 2% of the loan amount.

The big difference between working with a mortgage broker vs. a loan officer comes at the beginning, during the shopping phase, where you’re trying to find the best deal on a mortgage.

In 2023, broker-assisted loans averaged 115 basis points upfront for a 6.58% mortgage rate, versus 148 basis points and a 6.6% rate for retail lenders, according to the study.

The interpretations of Mortgagee Letter 2010-20 continue to manifest itself among the mortgage industry. Back in late 2009, the comment period began and a group of nation’s top post-closing quality ...

Reviewed by Doretha Clemon Fact checked by Amanda Jackson Real Estate Agent vs. Mortgage Broker: An Overview A real estate agent helps buyers and sellers find or sell a physical property, and a ...