Mortgage broker vs mortgage banker
by William Bronchick
Many consumers assume that “mortgage companies” are banks that lend their own money. In fact, a company that you deal with may be either a mortgage broker to mortgage banker.
A mortgage banker is a direct lender; it lends you its own money, although it often sells the loan to the secondary market. Mortgage bankers (also known as “direct lenders”) sometimes retain servicing rights as well.
A mortgage broker is a middleman; he does the loan shopping and analysis for the borrower and puts the broker to banker. Many of the lenders through which the broker finds loans do not deal directly with the public (hence the expression, “wholesale lender”).
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posted by Mortgage Broker to Mortgage Banker at 11:09 AM
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