January 23rd, 2018 6:19 AM by Jackie A. Graves
What is a Mortgage Lender?
are the licensed professionals who give you the money either directly or
through a third-party to fund your loan. Lenders have various names based on
how they acquire their clients and what they do with your loan after it is
vs. Wholesale vs. Correspondent Lenders
Customers Are Acquired)
Happens to Your Loan)
brokers are like a matchmaking service: They match you, the borrower, with a
lender. They review your personal financial information and look over an array
of lenders and try to match you with one who will give you the best rate and
terms. The advantage is choice because the broker will have lots of lenders to
match you with; the disadvantage is that once the match is made, the broker is
out of the picture, so you may have difficulty staying in close touch with the
person who is underwriting and funding your loan.
officers find new clients, counsel borrowers on how to choose the best mortgage and
fill out loan applications. They typically make their money through commissions
on the loans. Loan officers can also be mortgage brokers if they also process
and broker loans. Loan officers are sometimes called mortgage consultants,
mortgage loan originators, home loan consultants, and mortgage planners.
will find a wide array of different types of lenders on Zillow.
shopping for customized
quotes from numerous lenders now or find
a local lender in your neighborhood.
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