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What is a mortgage banker?
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6th Dec 2009 by Tom Lindmark
A mortgage banker is typically a firm that specializes in making mortgages for the purchase of real property. Mortgage bankers may specialize in residential or commercial mortgages or may do both. What usually distinguishes a mortgage banker from a mortgage broker is that the banker often makes the mortgage loan while the broker will almost always simply package the mortgage documents and send them to a lender to make the final decision and actually fund the loan. That is not to say that mortgage bankers might not often act like a broker and simply package the mortgage documents for another lender to fund. From your point of view it's not so important to go with one or the other as it is to find the one that is honest and will best represent you in searching for the best and least expensive mortgage for you.
A mortgage banker is typically a firm that specializes in making mortgages for the purchase of real property. Mortgage bankers may specialize in residential or commercial mortgages or may do both. What usually distinguishes a mortgage banker from a mortgage broker is that the banker often makes the mortgage loan while the broker will almost always simply package the mortgage documents and send them to a lender to make the final decision and actually fund the loan. That is not to say that mortgage bankers might not often act like a broker and simply package the mortgage documents for another lender to fund. From your point of view it's not so important to go with one or the other as it is to find the one that is honest and will best represent you in searching for the best and least expensive mortgage for you.
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3rd Nov 2009 In Mortgage
1 Answers | 109 Views
Subjects: mortgage,
mortgage banker,