A loan broker can process a loan, but is not a direct lender. A loan broker must submit the loan to a direct lender, such as a bank, for approval and funding. Mortgage brokers, credit unions, and real estate offices can all be loan brokers.
A loan broker can process a loan, but is not a direct lender. A loan broker must submit the loan to a direct lender, such as a bank, for approval and funding. Mortgage brokers, credit unions, and real estate offices can all be loan brokers.