Much of the real estate exam as well as professionalism in the real estate industry is tied up in knowing and understanding the terms used in the profession on a daily basis. In this discussion, you examine some commonly used lenders' terms.

Topic: The Mortgage Market

What is the difference between mortgage lenders, mortgage brokers, and loan officers, and how do these groups operate differently in the mortgage market?

If a friend were to ask you which they should consult, a mortgage lender or a mortgage broker, how would you respond? Explain.

What would you suggest if your friend above wanted an alternative to conventional financing? What would be the advantages$/$disadvantages of following your suggestion?