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Are You a Lender or a Banker or a Broker?
Are You a Lender or a Banker or a Broker?
 
"So are you a broker or a lender?"  "Or a banker or a lender?"  "Or a broker/banker?"  Yes, yes, and yes!
 
We get this question all the time, but I think it comes from a good place.  Naturally, everybody shopping for a home loan wants to get the best rates and terms and some confusion swirls around how the type of mortgage originator one uses has a bearing on the outcome.  So when they work with me, who is really behind the curtain?
[Too lazy to read the rest? Watch the video below instead.]
 
 
Banker / Broker / Lender
In the post-downturn lending industry, there are really only three primary channels for obtaining a residential home loan; mortgage banker, mortgage broker and mortgage lender.  It's important to know that no matter which you choose there is ALWAYS a "middleman" and that person is called the mortgage loan originator or "MLO."  Now don't confuse an MLO with a single individual --- it could well be a call center with a series of "clerks" that work to get your loan from start to finish.  Regardless, there are some distinct characteristics of each channel:
Lender:  This is usually a single-entity ... more

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