It's pretty simple.  A broker doesn't have their own money to lend, banks do.

A mortgage bank, being a direct lender eliminates a large portion of the broker compensation, which means more savings to the consumer.

 A broker has access to mortgage banks, commercial banks, retail banks, insurance companies, and even individuals who have money to lend.  A quick definition on these lenders is below.

A mortgage bank, is a lender who only does mortgage loans.  They generally cater to loan brokers and not the general public.  A mortgage bank doesn't offer savings or checking accounts or do auto loans.  They have their own money to lend specifically for mortgages which means they are a direct lender.

Commercial banks, do business and commercial lending, but again, they are not generally not open to the general public since their type of lending is specialized.

Retail banks are Bank of America, Chase and even Credit Union's you are used to seeing.  They are open to the general public and are direct lenders. The only problem, is that they may be limited on the type of loans they can do, or else some of them are so busy, it's hard to get personalized, prompt service like you can get from a loan broker or mortgage bank Loan Consultant.

Insurance companies and individuals are generally used to doing business with brokers as well, and not the general public.

The loan broker, having an array of channels available, charges fees for their service in the form of origination fees (points) and/or revenue from the lender of choice, in exchange by bumpiing your interest rate.

A mortgage bank has more control

Since you are coming straight to the lending source, the middle man is not in the picture, which usually means quicker answers and fundings and less fees.

I work for a mortgage bank, who funds both "A" paper loans as well as imperfect credit loans.

Experience the difference, and call me today or click here to apply on-line!

Kevin Walton

Cell: 805-276-1942

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Best Capital Funding - 6930 Owensmouth Ave. #102 - Canoga Park, CA 91303
Office Phone: (818) 887-2779 Fax: 800-506-0632 Cell Phone: 805-276-1942

Best Capital Funding. 

 

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