What is in a Name

Websters Dictionary defines broker as: one who acts as an intermediary. Therefore one can conclude that a Mortgage Broker is one who acts as a intermediary between a lender and a borrower in a mortgage transaction.Or more simply put, an invidual who brokers mortgages on behalf of his or her clients. The word broker, derived from the Anglo-French term "brocour" dates back to the 14th century. It still amazes me after all this time that the population in general is not more familiar with the term Mortgage Broker or more importantly the benefits of working with a Mortgage Broker. In the United States, approximately 80% of all mortgages are originated through a Mortgage Broker, In Canada this figure dramatically drops to less than 25%. Having served in the mortgage industry myself for the last 16 years, I have witnessed the mortgage brokerage industry in Canada grow and evolve into somewhat of its own institution. Mortgage Brokers are no longer just utilized by those with poor credit or by those turned away by their bank. Instead the benefits of working with a professional mortgage broker are available to anyone and everyone looking for an experience which is "beyond the ordinary".