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#1
As a client, should he apply a loan through a mortgage broker or a mortgage banker?


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#2
Most mortgage bankers only do their own deals and might have their own overlays. Mortgage brokers charge a commission but have various different lenders that they can shop for. Some mortgage bankers like Neighborhood Loans are both mortgage bankers and mortgage brokers. If you have really poor credit, then a mortgage broker can be a better outlet. Mortgage bankers have less red tape and are more in control because they fund their own loans whereas a mortgage broker is just a broker and have no control of the loan and is dependent on the mortgage lender for a clear to close, to draw up docs, and to funding the loan.

Here is an article I wrote on should I use a mortgage broker or a mortgage banker:

http://gustancho.com/should-i-use-a-mort...or-banker/

 
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