What is the difference between a mortgage banker and a broker?
A mortgage banker originates loans and uses their own money to close the loans. The mortgage broker originates loans and then brokers the loan to an investor. The broker does not use their own funds to close the loan. Many consider brokers to be “middlemen” and feel they add to the cost of obtaining a loan. Some brokers may be competitive with their rates and fees and others may not be. It pays to compare before making your final decision on whom to work with.
