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Quicken Loan
What is different between quicken loan and neighborhood loans? Some of my clients said applying a mortgage loan online through Quicken loan is cheaper and faster.
Google Quicken Loans. Thousands of complaints. Quicken Loans mortgage rates are much more expensive than most lenders. Quicken Loans is a huge online mortgage banker. Quicken Loans has both a retail division and wholesale division. Quicken Loans resell their loans to Fannie Mae and Freddie Mac and are full eagle lenders. Neighborhood Loans is a correspondent lender where they use an investor, such as United Wholesale Mortgage, Flagstar, Plaza Mortgage, Stonegate, and other investors. Neighborhood Loans is a mortgage banker. They use their own funds to fund the customer's loan. They need to go by the investor's guidelines and use the investor's underwriters because they need to abide by those investors overlays and lending guidelines. Once the investor gives it a clear to close, Neighborhood Loans draws up docs and wires the funds. Once the loan if funded, the investor buys the loans from Neighborhood Loans and resells them to Fannie Mae or Freddie Mac. The investor then services the mortgage loan. After reselling the loan to the investor, Neighborhood Loans has again a free line of credit to reuse the warehouse line of credit to fund other loans. The process keeps on continuing and everyone makes money.


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