Magnificent vistas from coast to coast to coastBritish Columbia may be the westernmost province of Canada. . . A mortgage broker is legally understood to be "a person (not an employee or exclusive agent of your lender) who brings a borrower and lender together. .
Where a home loan broker harms a borrower and/or a mortgage banker, the mortgage broker is rarely sufficiently capitalized to supply relief towards the borrower or the mortgage banker to recoup losses. This is true even whenever a loan is sold into the secondary market, as a possible investor can force a repurchase if certain contractual standards are not met. Consistent net worth and bonding requirements would significantly increase mortgage broker accountability.