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Difference From Mortgage Broker & Mortgage Banker.
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 with multiple lenders.
Distinction between mortgage bankers & mortgage brokers:-
~ A mortgage broker will pre-screen a borrower’s application but then has to submit it to the lender for approval and has no control over the speed of the process. A mortgage broker does his own in-house underwriting approval decision and closes the loan with its own money (often obtained through a “warehouse” line of credit from a commercial bank).
~ Another distinction is the flexibility in product offerings. Some mortgage bankers only offer its own line of products, which may limit the number of choices available to the borrower. ... more

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