What is the difference between a Mortgage Broker & Mortgage Banker?
Mortgage brokers are federally licensed firms or individuals who sell loan programs on behalf of lenders.
Mortgage brokers facilitate your search for the most suitable mortgage product – but do not process any loans – every loan is sent to the lender (banker) for processing.
In comparison, Mortgage lenders (bankers) originates the mortgage loan, loaning you their funds and closing the loan in their name.
Mortgage300 is a federally licensed Mortgage Banker.
Additional Mortgage FAQs
- How does an escrow account work?
- What are Discount Points (or Points)?
- What are the common fees through the mortgage process?
- What are the steps in the Mortgage Process?
- What is a Loan To Value Ratio (LTV)?
- What is a Rate Lock or Lock In?
- What is a Truth-in-Lending Disclosure and why do I receive it?
- What is Private Mortgage Insurance (PMI)?
- What is the difference between a Mortgage Broker & Mortgage Banker?
- What is the difference between Interest Rate & APR?