Comments on: Mortgage Broker Vs. Mortgage Banker

By: Dan

Dan — Wed, 01 Jul 2009 19:17:59 +0000

One buys stocks and cars while the other buys food.
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By: mark w

mark w — Wed, 01 Jul 2009 19:15:59 +0000

May be I Can Help You:

Just try:

http://www.proloanz.com/

http://www.apply4less.com/mortgage.htm

http://www.mortgagerefinancingatlowrate.com/

http://www.topamericanmortgage.com/

They can give you the best MORTGAGE HELP
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By: nick k

nick k — Wed, 01 Jul 2009 19:13:59 +0000

I agree with everything above, but Mortgage Bankers have better rates since they directly sell the loan to the investor, they typically have more control over your loan since they are using their own money, and they typically have in house underwriters whereas brokers have to send the loan to be underwritten. I have worked for both as well. The issue about the rates really comes down to who you work with, and what they are willing to offer you.
References :
Licensed lender in OH, FL, SC, and IN.

http://www.nickkusan.com

By: ron d

ron d — Wed, 01 Jul 2009 19:11:59 +0000

jamesnbarnes hit it on the nose.

I worked as banker and broker

When working as a banker I have so advantages over broking.
The fees and rates are all the same, but you may not see all the fees as a banker……

Both are using other people money, a mortgage banker is a direct lender, the broker can do the same thing. It’s a about closing the loan, but in whos name.
References :
No money down http://1stmdloans.com

By: jamesnbarnes

jamesnbarnes — Wed, 01 Jul 2009 19:09:59 +0000

Just to make it clear, EVERYONE is a middleman, both the broker and the banker because noone is getting the loan directly from Wall Street or the insurance company they both sell the loans to.

Mortgage Brokers get themselves set up to represent multiple banks and investors and find your loan for you, process it and then use the money from the lender they are selling the loan to to fund the loan.

Mortgage Bankers get themselves set up to represent several investors and banks too but when they go to fund the loan they use a their line of credit to fund the loan, THEN sell it to the same place the broker is going sell it to.

The end result is the same, both charge the same basic fees most of the time, but because the broker is using someone elses money to fund the loan, they are required to disclose their profit. A mortgage bank does not.

The big advantage a mortgage bank has is that they control the entire transaction. The pricing is about the same for both.
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By: reetsie

reetsie — Wed, 01 Jul 2009 19:07:59 +0000

mortgage banker works for the bank the broker is a middleman
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By: sevenfourteenkim

sevenfourteenkim — Wed, 01 Jul 2009 19:05:59 +0000

A banker is whom you get the loan from directly. A broker is a middle man who will help you choose a mortgage company for your needs, and will most likely charge a fee for the service.
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By: nithya k

nithya k — Wed, 01 Jul 2009 14:03:49 +0000

What is the difference between Mortgage Banker and a Mortgage Broker?