What is the difference between the mortgage bank and mortgage broker?
Just to clarify, each is half in both the corridor and the banker, because there is nobody to get the loan directly from Wall Street or the insurance company, that sell both loans. Mortgage brokers are achieved created to represent many banks and investors to find the right loan for you, this process then use the money from the lender selling the loan to fund the loan. Mortgage Bankers put created to represent many investors and banks as well, but when they go to funding the loan using their online credit to finance the loan, then sell the same place as the broker will sell. The end result is the same as the same tuition charges based mostly but because the agent is using someone elses money to fund the loan, are required to disclose their earnings. A mortgage bank no. The great advantage of a mortgage bank is that control of the whole transaction. The price is about the same for both.
BudMalone, Mortgage Banker & Attorney, Slone Financial Group
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