Note: The content below about broker to broker is under review and still being developed.
Broker or Mortgage Banker ?
You can find a loan from mortgage brokers, mortgage bankers, banks, credit unions, and savings & loans. In most cases, the lender earns origination fees, and in the case of a mortgage broker, a broker's fee. Mortgages are marketed (that is to say, offered to you) by several types of lenders. The broker to banker servicer is the company where you, the borrower, send your payment.
What Broker to Banker? Mortgage brokers are much like independent insurance agents, or, for that matter, your local supermarket. In some cases, especially where credit is not flawless, and nonconforming properties are involved, a mortgage broker to mortgage banker can find funding for you. They have access to many lenders (roughly equivalent to suppliers, such as tomato companies) and many different programs (several brands of frozen, canned, broker to banker or fresh tomatoes).They provide a great service for many consumers, and originate over 50% of loans in the country. (They may also be able to find tomatoes for you, but that's extra.) Mortgage broker to mortgage banker charge a fee, and are sometimes compensated by the lenders.
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