https://sonomacountymortgages.com/2011/04/uslocalpetalumalender/ Fri, 29 Jul 2011 19:19:28 +0000 hourly 1 https://wordpress.org/?v=6.9.4 https://sonomacountymortgages.com/2011/04/uslocalpetalumalender/#comment-484 Fri, 29 Jul 2011 19:19:28 +0000 http://www.sonomacountymortgages.com/?p=888#comment-484 […] 3. A Direct Lender/ Mortgage Banker- these people do have to be licensed with the NMLS as licensed mortgage loan originators. The main difference between a banker versus a broker is the fact that a banker represents and warrants in the origination of the loan in making sure you has the ability to afford the loan both before and after the loan closes. This is because a mortgage banker is taking considerable risk lending their own money to and as a result they need to make sure that the people they are lending to can actually afford the house and that they are being responsible. A typical mortgage banker has a monthly credit line somewhere in the hundreds of millions which they use to fund loans with on a monthly basis. After they fund the loan they sell the loan usually to Fannie Mae or Freddie Mac in the secondary market and then they free up their credit line again to originate more loans. They are also directly compensated on the performance of the loans that they originate as well. Mortgage bankers also have direct contact with underwriting and have significant pull in getting a loan to perform or meeting the contract deadlines of a real estate purchase contract. These are the folks that can make loans happen in record time as well as deal directly with underwriters. Mortgage bankers also are regulated by the Federal Reserve and have a higher level of standard in giving folks the best possible financing than a broker does.Bankers lend their own money and they can actually make decisions on loans that brokers can’t because it’s their own money. A Local Petaluma Lender will help you secure the best rates and lowest mortgage rates. […]

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