What is a mortgage broker?

A mortgage broker plays a critical intermediary role in the home financing process, connecting borrowers with lenders. The primary responsibility of a mortgage broker is to assess the financial needs and circumstances of the borrower and then identify suitable lenders that fit those needs. This includes negotiating mortgage terms, interest rates, and fees on behalf of the borrower to ensure they receive the best possible deal.

In contrast, the other options represent different concepts in the housing and mortgage ecosystem. A financial institution that provides home loans refers to banks and credit unions, which offer direct lending and have different functions than brokers. A government agency that regulates mortgage rates focuses on oversight and regulation, which is distinct from the facilitative role of a broker. Finally, an individual who manages real estate properties pertains to property management, which is unrelated to the mortgage process. Therefore, option B accurately describes the essential function and role of a mortgage broker in the lending process.