Posted on: 16th Aug, 2010 02:55 pm
What is the difference between a wholesaler, broker and banker when refinancing?
Hi Guest!
Welcome to forums!
A mortgage broker is a person who acts as an intermediary and brokers mortgage loans for individuals or businesses.
Mortgage banker is a company, individual or institution that originates mortgages. They utilize their own funds or borrow money from a warehouse lender, to fund these mortgages. Once the loan origination is complete, the banker either retains the mortgage in portfolio or sells it to an investor.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
A mortgage broker is a person who acts as an intermediary and brokers mortgage loans for individuals or businesses.
Mortgage banker is a company, individual or institution that originates mortgages. They utilize their own funds or borrow money from a warehouse lender, to fund these mortgages. Once the loan origination is complete, the banker either retains the mortgage in portfolio or sells it to an investor.
Feel free to ask if you've further queries.
Sussane