Here’s a good question we’re asked all the time: Where does the money come from for the loan?
And here’s the answer:
Mortgage lending operates under three distinct models: Mortgage Brokers, Mortgage Bankers and Retail Banks.
1. Mortgage Brokers are much like independent insurance agents — they have access to many different lenders and many different programs. They work through the “wholesale side” of the larger banks and therefore are able to secure better rates for their clients than they could get on their ...Continue Reading →