what is a mortgage lender and a mortgage broker?
150142
mortgage lender is one who physically gives you the loan (i.e. bank of america, wells fargo, etc.)  Mortgage broker is someone (middle-man) who goes to the lender and negotiates a loan for you.   They will find a loan that fits your situation to include the rate you want, payment, length and so on.  They get paid on a premium from the loan they sell you.  The best part about using a broker is  they can usually get you approved for just about any situation credit-wise, though some brokers can't get you the most 'ideal' rate, but some can.  A good broker you might try is Quicken loans.
1131419
try mortgage loan officer
1072654
SIMPLE ANSWERS:\n1. Mortgage broker: middle man between the lender and consumer\n2. Secondary Mortgage Market: the government buys loans from lenders so lenders can have more money to loan out.\n\nsimple eh?
974390
Yes you can have more than one mortgage. In fact you can have as many mortgages as there are people willing to lend you money.\n\nA mortgage is just a loan secured on property. That means that if you don't pay the agreed installments, the mortgage company can take the property to pay off the loan.\n\nIf you have a second mortgage, they would also have the right to sell your house if you got into arrears, but their interest would come second to the first mortgagee's. For example, you borrow £10,000 from Bank A, then £5,000 from Bank B. If you stopped paying, either A or B could sell the house to get their money back, but A would get all his money before B. So if the house fetched £12,000 when it was sold, A would get £10,000 and B would get £2,000.\n\nYou may also own more than one house. Say you want to buy 2 houses, each worth £100,000, but you only have £150,000 - you need a mortgage of £50,000. You could have one mortgage of £50,000 which covered both houses, two mortgages of £25,000 each or you could just have a £50,000 mortgage on one of the houses.\n\nIt's up to you and what the lenders will lend you!
716698
Yes, i am a licensed mortgage broker licensed nationwide..\n\nFeel free to contact me at any time!\n\nJason
1127464
I may be able to assist you, I am a mortgage broker who works with over 100 lenders nationwide and offer several programs that will fit almost any situation.I specialize in Re-Fi's, Purchases,  Home Equity Lines and Home Owners Insurance. Please feel free to contact me Jcorreahq@yahoo.com I will go through everything with you and answer any questions you may have about the process. This is at no obligation to you and if nothing else will educate you on how everything works and what you qualify for exactly! I look forward to hearing from you! ~Joseph Correa Licensed Mortgage Broker
101349
Well, in some ways yes, in some ways no.  The loan origination fee is what you pay the mortgage broker upfront, the points are what the bank pays the mortgage broker for the loan, or "on the back".
503820
Mortgage brokers get paid by lenders for getting you to accept higher rates.  Direct lenders deal directly with you and pass the savings on.  I recommend you try http://www.nationwideadvantage.com for your mortgage.  It is free and you can have a decision in minutes.
151967
at a bank or mortgage lender
50309
Often the Sunday newspaper will have a real estate section, this will give you a variety of sources for lenders.\n\nOften the bigger lenders such as Washington Mutual, Countrywide will be in multiple states.\n\nA loan broker will have many sources.\n\nYou may want to try on line, such as http://www.Eloan.com as a source that you can do from your computer.
1120075
This is a great question.  \n\nMortgage brokers all over the country have access to mostly the same programs as everyone else.  Rate is the worst thing you can shop for when getting a mortgage.\n\nFirst, since they all have the same bag of goodies, stay local.  I highly suggest you find someone you can meet in person and shake their hand.  Meet their staff and become familiar with the office.  You will be able to judge how well you can trust this person with your biggest asset.  \n\nLet them know that you know all about the loan process and what to look for.  This will urge them to give you the best deal.  Read up on mortgages before you jump in.  This is a great blog to learn everything about the mortgage process and the people involved:  http://www.explaintome.blogspot.com\n\nGet and study their Good Faith Estimate.  Know that brokers will get paid either by fees or in the rate.  When given the choice, fees don't sound bad after all!  \n\nBottom line:  The scenario you gave is a joke to mortgage brokers.  I've worked with 100's of lenders and I don't know any that would deny that loan unless I'm not getting the whole story.\n\nThe mortgage broker that will give you the best rate is the one that is motivated to.  Let your broker know these three things:\n\n1)  You know how the mortgage process works and how they get paid.  Therefore you won't be taken advantage of.\n2)  You realize that brokers don't work for free and you will not be unreasonable.  You'll work with him to negotiate the best deal for you and him.\n3)  You'll do anything you can to help the broker close your loan as soon as possible.  (here's an idea for bonus points.  show up at the broker's office unannounced with your W2's, most recent paystubs and bank statements, and your tax returns if you're self employed.  Bring in a copy of your drivers license.  Don't just bring the license, make a copy first.  He'll know you've done this before and you really know what you're doing.)\n\nDo these three things and you'll impress the pants off the guy.  If he knows you mean business and you'll work with him to close it quick, he can get by charging you less than average.
849569
A loan officer job is a commissioned position. If they don't sell and close the loan, then they don't get paid. They have to find potential borrowers through advertising, word of mouth or whatever it takes. They have to sell their loan products to their customers, find a loan program that fits their clients needs, credit and income qualifications.It is a very competitve market and they have to know the industry, their products and be very good at sales. If they are good, they can  make very good money, if they aren't good, then they starve.\n\nA  loan processor can work for a broker or a lender. A processor that works for a broker, basically does the grunt work for the loan officer. They order appraisals, titles, verifications, clear stips from the lender and works with the loan officer to get the loan closed as quickly as possible....Most brokers will have one, maybe two processors to take care of all of the loan officers. If it is a large broker shop, they might have more processors. Depending on what part of the country you live in, a processor with no certification or experience, would probably start out making from $18,000 to $21,000 a year plus a small monthly bonus. Hopefully they will have medical insurance and one, maybe two weeks vacation. In a broker shop, if business slow down or the economy gets bad, the processor is the first to be laid off, because they are the only one getting paid a salary.\n\nA processor that works for a lender is basically a Jr. Loan Underwriter. They review the loan packages that the broker shops send in. They review the appraisals, title work, credit, income and so on. Processing for a lender, is actually easier, because even though you have a lot more loans to work on, you don't have to do as much work as a busy broker processor. It is harder in the sence that you have to have more knowledge of all the different compliance laws and all the banking laws in the different states that you do loans in. You have to take updated training classes. You also have to process a certain number of loans every day to keep your job.... The lender I work for starts inexperienced processors out at around $27,000 plus bonuses, full medical, dental, vision and life insurance,free  401K, 1 month paid vacation, discounts on legal help,cell phones, computers and other little employee perks. Of course, an experienced processor makes much more. I make close to $50,000 a year, which isn't great, but for my part of the country, it isn't bad for someone without a college education.... A couple more good things about a lender, is you can advance your career, working for a broker, there is really nothing to advance to. Also, you have more job security with a lender.\n\nThese are just shortened job descriptions. There is a lot more to it, just too much to type. They are high pressure jobs and not for people who can't handle stress!!!\n\nI hope this answers some of your questions.
812525
Why do you find it important to know about the lender that does your home loan?  \n\nAll mortgage lenders are governed by mostly state and federal laws.  \n\nAre you looking for  a rating on the lender or mortgage broker?\n\nWell which ever you are looking for and no matter who eventually does a loan for you. I am willing to bet that before the loan ink dries that the loan will be sold to someone else and before the month is through you will get a piece of mail saying ABC&D purchased your loan. Please make your monthly payments to the company listed on your payment booklet inclosed.\n\nI am also clear that the person sending you that booket and mail are not your lender either. I am willing to bet that that person simply will be servicing your loan for the investor that puechased your loan.\n\nEven if you get a letter with a payment book from the person that you went through to get you loan, they are now merely acting as the servicing agent for the investor that purchased your loan, 24 hours after it was funded and your escrow closed.\n\nI was am a mortgage broker that assisted in securing a loan for a lady that was fed up with her lender and the tactics they were using in trying to get her to refinance her home. I took her application, she was very adamant about not having her loan under this lender. \n\nI told her that I could not guarantee that this would not happen but if she wanted to refinance for that reason and that reason alone, she had to sign off on a disclosure that I made especially for her, that was I could not controll nor did I know who her loan would be sold to on an open market.\n\nWell we did the refinance, closed the loan, guess who purchased the loan once all the dust had cleared. About  10 months later the same person that had been her servicing agent was now here servicing agent once again, because the loan had been sold to the person she previously had.\n\nInvestors do not purchase loans by name, state or city, they purchase by interest yield. So they might request any and all loans to 1000 with a rate of 6.5% with more than 25 years left for payments to be made.\n\nSo checking out a mortgage lender or bank will, only serve the purpose that they are in a data bank. \n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
678196
Try this one (I cannot vouch for them...I found them online):\nBecome A Mortgage Broker  \nLearn the business from an industry insider. Start your career now. Unlimited income and freedom are within your grasp. \nwww.mortgagebrokertraining.com
650232
Talk to a mortgage broker. I can help you find one if you want, just email me. What state are you in. I am licensed in quite a few.
57948
It is true that a normal origination fee is about 1%.  For that price they need to be doing all of the work, however people a lazy, so...? Anyway, I have digressed.  You should know that a mortgage broker is not just getting that 1% from you.  Your broker is also getting discount points on the back end of the deal.  The bank that he is getting your loan from is paying him extra money for any higher interest rate he can charge you.  So it is in his best interest to charge you the highest possible rate he can get you to pay.\nSolution- Find a dicount or wholesale lender.  These lenders are people who make their money selling the mortgages directly to the secondary market. Eliminating the middle man they will usually give you the  best rate.
223486
The Broker is licensed to oversee the work of agents and is more regulated than agents. Agents MUST work under a brokerage. Some brokers can be agents as well.