With the recent changes and tightening of the market for the past few years picking a good lender is even more imperative than ever.  Not only experience but process means more than ever.  Many people do not understand the difference between a mortgage broker and mortgage banker.  A mortgage broker has little to no control over the loan process.  They simply originate your loan and then send it to a big loan servicer like a Countrywide or Wells Fargo and the loan is underwritten by the servicer.  The servicing  company is in complete control over the entire loan process and the broker is at the mercy of every decision made.  Broker are now not even able to pick the appraiser they want to evaluate the home.  A mortgage banker on the other hand has a “streamlined process” and the loan is completely processed and underwritten by the originators company.  They pick their own appraiser and communication is easy because they work for the same company.  I know the difference first hand because I started my career as a broker and we have converted our entire operation to a mortgage bank.  Knowing if you can do someone’s mortgage ahead of time and not hoping and praying for an approval makes my job and communication easy to the consumer.  Give me a shot and I will show you how not only having quality and experience but a streamlined process makes all the difference!

This entry was posted on Monday, August 4th, 2008 at 1:07 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.