Delaware mortgage brokers are licensed Delaware mortgage companies that can originate home loans in the state of Delaware. Each broker is required to be licensed by the National Mortgage Licensing System (NMLS). The broker is given a unique license number which they are required to display on all advertisements. The broker must also be licensed by the State of Delaware to do business in Delaware as mortgage broker. The license is issued by the Delaware State Banking Commissioner, who also enforces the regulations.
Each person that works for a broker and originates loans is called a Loan Originator or LO for short. The loan originator must also be licensed by the NMLS and will have their own unique NMLS license number. You should always ask your Loan Originator for their NMLS number before you do business with them to verify they are licensed to do business in Delaware. The loan originator must be licensed by the NMLS and the state of Delaware.
Delaware Mortgage brokers originate home loans in the state of Delaware by acting as the middle man between the consumer and the bank or investor. The mortgage broker will shop the consumer's loan to several different banks to find the consumer the best rate and terms for his needs. The broker will originate and process the loan then submit the loan to the lender to be underwritten. The lender will give the broker and conditions that need to be cleared in order to approve the loan. The mortgage broker works with the consumer to clear the conditions.
Once the loan is approved the broker works with the lender and the title company to get the loan closed and funded. The mortgage broker does not service the loan and is done once the loan closes and funds.
A lot of people always ask which is better, a mortgage broker or a mortgage banker? The answer is neither and both. One is not better than the other. The mortgage banker will do everything but that doesn't mean you will get a better deal. The if the mortgage banker is a Federally Chartered Bank such Wells Fargo or Bank of America then you will probably actually get a higher rate because their costs to do the same loan are much higher because those big companies have such higher overheads.
The most important factor when choosing a broker or a banker is TRUST! You need to feel like you trust the person and that they have the necessary knowledge and experience to get your the best loan for your needs. Ask for their license number, their credentials, their experience and their education.
For example if you need a Loan Officer in the State of Delaware, John R. Thomas is the branch manager of Primary Residential Mortgage in Delaware. He has a bachelor's degree from the University of Delaware, a masters degree from Delaware State University, has earned the Certified Mortgage Planner designation, and is the author of the book, Your Guide to Buying Your First Home in Delaware. You can speak with him about a loan in Delaware by calling 302-703-0727, e-mailing him at jthomas@primeres.com or visit him on the web at http://www.delawaremortgageloans.net
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