[classicvince]

broker and home buyer end at closing? And the homebuyer then has a relationship with the bank (or lender) from then on?

[Corey1023]

Yes...More or less in the truest, or legal sense. But hopefully they did a good job for you and you continue to have a working relationship with them in the future. Our lifeblood is referrals, and of course repeat business in the future from refinances or future purchases.

Now, it seems that perhaps you might be asking about the payment. If thats what you meant, it depends on who you closed with and if they are a lender or just a broker. In the disclosure package that they would have had you sign ( a big thick stack of papers, prior to closing and around the time that you made the application) there is a form that you would have signed that discloses the number and or ratio of loans that they have serviced themselves in the past. If they are a true broker, they will have checked the section that says they have serviced zero of their loans, and in this case you should watch your mail for some correspondence from the bank that they brokered your loan to.

Often these lenders are a stopping point on their way to what is called the secondary mortgage market. It is likely that they brokered your loan to a wholesale lender, and after a few payments your loan will likely get sold to one of the larger national lenders. It's pretty rare for you to have a broker that also services the loan.