Real
Estate Matters with Tim Bro
Differences
among Mortgage Brokers and Mortgage Bankers
Mortgage Brokers …
The National Association of Mortgage Brokers defines a mortgage broker as an “independent real estate financing professional who specializes in the origination of residential and/or commercial mortgages.”
Brokers work individually with borrowers, collecting information, documentation, and verification to process the loan application. Once the loan package has been prepared and conditionally approved. The broker matches his client with a lender. He walks the paperwork through final approval, escrow deposits, and loan funding.
Broker’s fees are typically paid by the financial institution for the broker doing the loan generation, paperwork, and bringing the business to the financial institution.
Mortgage Bankers …
As defined by the Mortgage Bankers Association of America, a mortgage banker is an “individual, firm, or corporation that originates, sells, and/or services loans secured by mortgages on real property.”
Mortgage bankers are direct lenders. Working with them eliminates the middleman. They may use automated underwriting systems, so working with a banker may prove more expeditious. Mortgage bankers maintain competitive rates.
To
get started with your home sale or purchase, call Tim @ 858-354-2354, “The Right Choice in Real Estate”. BRE #01224576
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