Final answer:
A mortgage broker offers services such as credit qualifications, connecting borrowers and lenders, granting real estate loans using investor funds, and handling escrow procedures.
Step-by-step explanation:
A mortgage broker generally offers a combination of services to connect borrowers with lenders and facilitate the mortgage process. This includes:
- Providing credit qualifications and evaluation reports: Mortgage brokers assess a borrower's creditworthiness by evaluating their income, credit history, and other relevant factors to determine the likelihood of loan approval.
- Bringing the borrower and the lender together: Brokers act as intermediaries between borrowers and lenders, helping borrowers find suitable loan options and facilitating the loan application process.
- Granting real estate loans using investor funds: While mortgage brokers don't directly fund loans themselves, they facilitate the process by connecting borrowers with lenders who provide the necessary funds.
- Handling escrow procedures: Mortgage brokers assist with managing the escrow process, which involves the secure transfer and management of funds between the borrower, lender, and other involved parties.