Answers (1)
What is a 'Mortgage Originator'
A mortgage originator is an institution or individual that works with a borrower to complete a mortgage transaction. It can be either a mortgage broker or a mortgage banker, and is the original mortgage lender. Mortgage originators are part of the primary mortgage market and must work with underwriters and loan processors from the application date until closing to gather necessary documentation and guide the file through the approval process.
A broker is an independent businessman who arranges meetings between buyer and seller, or borrower and lender.
There are many words that mean pretty much the same thing. That is because there is no point where you can say "the guy with the money". A lender loans credit, not cash. A guy who loans cash is called a "loan shark". When you ask for a loan, a banker says "Yep, you've got a loan," but no money changes hands. The note signed by the borrower is money: it is worth 40% of face value, cash in fist. The borrower has to earn cash to pay off the note, and the amount of money in circulation is increased by that amount. This process is called "inflation".