how do mortgage lenders get paid
A mortgage broker is a contractor who analyzes mortgage loan products and counsels customers on loan availability, qualification requirements, interest rates and terms. A mortgage broker doesn't actually loan any money and only serves as an intermediary between the lender and the borrower. The average yearly pay for a mortgage broker often depends upon the socioeconomic status of his clientele and the corresponding value of the loan products. Since a broker's income is partially based on commission, the economy and real-estate market often affect salary levels.