What’s the difference between a Mortgage Banker and Mortgage Broker?
This is an Important question and here’s why:
A mortgage banker works for a single lending institution… like a bank, credit union or mortgage company… that services, sells or originates residential mortgage loans offered by that particular lender.
A mortgage broker is an agent who… working with multiple lenders… acts as an intermediary to find or negotiate a residential mortgage loan on behalf of a home buyer in exchange for a commission.
What I have seen in my nearly 30 years is… mortgage bankers have ‘in house’ underwriting and decisions can be made more quickly… where mortgage brokers lose some control (and may take more time to get answers) because the underwriting isn’t in the broker’s office.
Mortgage bankers can ‘shop’ a loan around to multiple lenders but Mortgage bankers committed to their own line of business.
If you’re not sure which way to go… mortgage broker or mortgage banker… give me a call and help you make the best decision.
38% of delayed closings are caused by Financing Issues!
Fun Facts from The Old Farmer’s Almanac:
The Statue of Liberty was presented to the United States on July 4th 1884.
July was named to honor Julius Caesar and Julius Caesar helped develop the Julian Calendar … the predecessor to the Gregorian Calendar.
If you know of anyone that is thinking about buying or selling real estate, give me a call, and I’ll take EXCELLENT care of them.
Take care, be safe out there and have a GREAT DAY!
Sincerely
Ron Hier
(661) 406-1562 = cell
