Plaistow New Hampshire Real Estate Office
Welcome Guests. Login or Register   
Plaistow NH Real Estate
Homepage . Buyers & Sellers . Types of Mortgage Lenders

Types of Mortgage Lenders

It used to be fairly easy to put a term to a lender that accurately described them and the types of mortgages they originated. Time, the S&L problems of the late eighties, and a maturing marketplace have served to "blend" those differences. Some old adjectives barely apply now and are rarely used.

Mortgage Bankers

A true Mortgage Banker is a lender that is large enough to originate loans and create pools of loans which they sell directly to Fannie Mae, Freddie Mac, Ginnie Mae, jumbo loan investors, and others. Any company that does this is considered to be a mortgage banker. They can very greatly in size. Some may service the loans they originate, but not all of them will. Most true mortgage bankers have wholesale lending divisions.

Examples of two of the largest mortgage bankers are Countrywide Home Loans and Wells Fargo Mortgage. One is associated with a bank and the other is not, but both are most correctly classified as mortgage bankers.

A lot of companies call themselves mortgage bankers and some deserve the title. For others, it is mostly marketing.

Mortgage Brokers

Mortgage Brokers are companies that originate loans with the intention of brokering them to wholesale lending institutions. A broker has established relationships with these companies. Underwriting and funding takes place at the wholesale lender. Many mortgage brokers are also correspondents, which is why many of them also claim to be mortgage bankers.

Mortgage brokers deal with lending institutions that have a wholesale loan department.

Wholesale Lenders

Most mortgage bankers and portfolio lenders also act as wholesale lenders, catering to mortgage brokers for loan origination. Some wholesale lenders do not even have their own retail branches, relying solely on mortgage brokers for their loans.

These wholesale divisions offer loans to mortgage brokers at a lower cost than their retail branches offer them to the general public. The mortgage broker then adds on his fee. The result for the borrower is that the loan costs about the same as if he obtained a loan directly from a retail branch of the wholesale lender.


KSRJ Signature Realty Group              91 Plaistow Road Suite 1B Plaistow, New Hampshire 03865               Phone : (603) 819.4844              Fax: (603) 819.4945

Homepage       Search Entire NH MLS       Buying     NH Sellers     NH Community Info      Contact Us     About KSRJ

Specialty New Hampshire MLS Searches for NH real estate, NH homes, NH land, NH rentals, NH commercial and More!

 

 


Link Partners


Keywords We Use Include NH Real Estate, NH Real Estate, New Hampshire Homes, NH Condos, Waterfront Properties, Log Homes, Land, View Homes, MLS Search, Realtors, Real Estate Agent in New Hampshire & Vermont, KSRJ Signature Realty Group, Plaistow NH, Rye NH, Seabrook NH, Portsmouth NH, New Hampshire Home, New Hampshire Real Estate, New Hampshire Real Estate Agent, NH Property, New Hampshire Property, NH Home, NH Real Estate, NH Real Estate Agent, New Hampshire Real Estate Agency, NH Real Estate Agency, New Hampshire Realtor, NH Realtor, Search New Hampshire Real Estate Agent, Search NH Real Estate Agent, Search New Hampshire Property, NH Property,Bankruptcy, Bank Owned Homes, Foreclosure, Foreclosure Listings,Tax Abatement, Real Estate Tax Abatement, REO Property, REO Properties,Buying Bank Owned Homes, Buying Lender Owned Homes, Lender Owned Property,Lender Owned Real Estate, Avoiding Foreclosure, Short Sales, Buyer Assistance Short Sales, Seller Assistance Short Sale


NH Web Design