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1.2.1 Introduction

The workings of the mortgage markets are a mystery to most consumers. However, for an advocate, a basic understanding of how mortgage markets function and the players involved has become essential to the effective representation of mortgage borrowers.

Every mortgage transaction brings together a variety of actors. Some are directly involved with the homeowner while others operate behind the scenes. The following subsections describe key players involved in most residential mortgage transactions. The first subsection identifies parties typically involved in the origination of a loan. The second group of players are those that more commonly enter the picture after the parties have entered into a mortgage loan agreement.