Mortgage banker - A company that engages in the origination of mortgage home loans, and resells them on the secondary mortgage market to investors like:Fannie Mae or Freddie Mac. Mortgage bankers deal only in the mortgage business and are usually not involved in commercial and personal banking, such as checking and saving accounts.

Most mortgage bankers are not required to disclose the "rebate" given from the lender. Make sure to talk with your broker to get the best loan you deserve.

While some bankers may have access to more competitive rates, you may find a quicker funding time. The bottom line is that you feel comfortable with whomever your working with.

And because a mortgage banker lends their own money you do not have to be licensed in states such as Texas to work for a mortgage banker.

Most mortgage banks differ from commercial banks in that they have no depository functions. Mortgage banks only offer products and no checking/savings accounts. Some mortgage banks have no retail divisions and only offer their loan products through mortgage brokers.

Some Mortgage Bankers also act as brokers, offering a wider range of products.

Advantages of using a Mortgage banker are their ability to underwrite loans in house, which translates into faster closings. Most mortgage banks will loan their own money and be able to be somewhat flexible on their guidelines. Some mortgage bankers will have access to funds not available to some others. Due to the volume of the individual bank, pricing will usually be lower.

All loans originated by mortgage bankers are sold to a secondary source and must adhere to the qualifying requirements of that source.

As a mortgage banker, lenders have control over the underwriting and fund your loan with their own money.

Is a Mortgage Broker right for me? - In the old days, in order to get a mortgage most banks required a large down payment, squeaky clean credit, and tedious employment and asset verifications. Now days, mortgage brokers can access programs from dozens of mortgage banks to find the program that best fits your needs.

In todays ever changing mortgage market a mortgage broker will have more access to the newest and most aggressive lenders and mortgage programs. Your loacal abk normally does not utilize these programs and instead sticks to the lower risk programs in order to protect there investment.

If you have credit issues or low credit scores a mortgage broker can save you thousands. Many traditional banks see bankruptcies or collection accounts as road blocks. To a mortgage broker they are only a hurdle.

Access to wholesale mortgage lenders means access to wholesale rates: A mortgage broker can often structure a loan to cost significantly less than the same loan through a traditional retail bank.

If you want to buy a home with little or no money down you should consider the services of a mortgage broker who specializes in 100% financing. These loans are available for both high and low credit scores so be sure to ask your mortgage professional to see you qualify.

Self-employed borrowers were for a long time considered too risky for traditional banks. A mortgage broker knows how to properly structure a loan for a self-employed borrower. Ask your preferred mortgage professional about loan options for the self-employed including full income documentation loans, lite documentation loans, and stated documentation loans.

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