Mortgage Originator

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Definition of 'Mortgage Originator'

A mortgage originator is a person or company that originates mortgages, which is the process of creating a loan for a borrower to purchase a home. The originator receives a fee for originating the loan, which is typically a percentage of the loan amount.

Mortgage originators typically work for banks, credit unions, or mortgage brokers. They work with borrowers to determine their financial needs and qualifications, and then they help them find a mortgage that meets their needs. Once the borrower has been approved for a loan, the originator will close the loan and send the money to the borrower's lender.

Mortgage originators play an important role in the mortgage industry. They help borrowers get the loans they need to purchase homes, and they help lenders find borrowers who are likely to repay their loans.

Here are some of the responsibilities of a mortgage originator:

* Qualifying borrowers for mortgages
* Helping borrowers find the right mortgage for their needs
* Closing loans
* Servicing loans

Mortgage originators must be licensed in the state in which they work. They must also have a good understanding of the mortgage industry and the laws that govern it.

Mortgage originators can be a great source of information for borrowers who are looking for a mortgage. They can help borrowers understand the different types of mortgages available, and they can help them find a mortgage that meets their needs and budget.

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