refinancing mortgage: Difference From Mortgage Broker & Mortgage Banker.
- 05/23/11 09:19 AM
Difference From Mortgage Broker & Mortgage Banker.
A mortgage company can either be a banker or broker or sometimes combine the two.
A Mortgage Banker is a direct lender; it lends you its own money, although it often sells the loan to the secondary market, investors or a wholesale lender.
A Mortgage Broker is a middleman who finds a lender who will close the loan. Mortgage brokers do not make the credit decision or issue their own loans. The brokers work with many wholesale lenders who do not deal directly with the public and brokers ten to have working relationships … (3 comments)
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Difference From Mortgage Broker & Mortgage Banker.
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