Mortgage Broker
Person or business that obtains mortgages for others by finding suitable lenders. The mortgage broker sometimes deals with collections and disbursements. Typically the mortgage broker receives a percentage of the amount financed. A finder's fee equal to 1% or so of the amount borrowed is normally paid by the borrower. The financial success of the mortgage brokerage firm depends upon the ability to locate available funds and to match these funds with creditworthy borrowers. Certain sources of funds, particularly insurance companies and the secondary sources, do not always deal directly with the person looking for capital; rather, they work through a mortgage broker. Normally, the mortgage broker is not involved in servicing the loan once it is made and the transaction is closed.
Popular Real Estate Terms
The coefficient of dispersion is how municipalities can determine differences between the assessed values of properties in an area or neighborhood. It gives a broader look at the state of ...
Organizational governing group. Either an appointed or elected body overseeing the management of an organization and rendering advice on current issues. Members are legally responsible for ...
Analysis of a real estate sales data to appraise real estate values. Sources of real estate sales data used in the market data approach include the official records of deeds and leases ...
Written obligation of a borrower that is backed by collateral in the event of default. The lender must assure himself that the market value of the security equals or exceeds the amount of ...
Land development planning model theorizing that an urban area grows in rings expanding out from the central business district. The second ring is a shifting area having manufacturing and ...
Not sure about something such as suspecting the truthfulness of statements made by a real estate agent. Stipulation in a deed giving the grantor some retained privilege or right in the ...
Condensed appraisal report covering the major items. ...
House made using standardized components that are preassembled on an assembly line in a factory rather than being built from "scratch" on a site. Normally, the prefabricate house is trucked ...
(1) Mildly convex arch built into a load bearing beam, girder, or truss to counteract any load bearing stress placed on it. (2) Slight slope designed into a structure such as a drive4way or ...
Have a question or comment?
We're here to help.