Most people in Virginia Beach have asked me many times if I were a Broker or a Direct Lender?
I usually reply both! Then I get a mixed reaction asking how I can be both?
First lets break down the 3 categories of lenders.
- Mortgage Brokers – Act as the middleman and shops around for loans for the clients, not associated with a bank.
- Loan Officers – Works for direct lenders like Countrywide, Bank of America and Wells Fargo.
- Mortgage Bankers – Works for Banks as Loan Officers but has the ability to broker out loans if needed.
So In essence I work as a Hybrid Lender. My mortgage company Prosperity Mortgage directly writes loans for our affiliated company Wells Fargo 90% of the time. Just in case we need to find a certain loan elsewhere that we don’t carry, as a Mortgage Banker we can broker out loans if needed to without the expense of typical normal broker fees.
Now even though there are certain lender types, I always say it doesn’t matter really about the company it boils down to the individual that represents the loan transaction.