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What Is A Mortgage Broker Versus A Lender?
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What Is A Mortgage Broker Versus A Lender?
Have you ever wondered what the difference was between a mortgage lender and a mortgage broker? Have you ever wondered which responsibilities a mortgage broker has and which responsibilities a mortgage lender has? Well this video is just for you! In this video I go over the simple differences on what the job of a mortgage broker and a mortgage lender is, and how they correspond in a mortgage transaction.
Stay tuned!
0:22 - Click on the timestamp to learn about mortgage lenders and what they do
Okay so there is a key main difference when it comes down identifying the differences between a mortgage lender and a mortgage broker. Let us start off with a mortgage lender. A mortgage lender is someone or an institution who basically leads the mortgage transaction. The mortgage lender tends to have the money to complete the transaction, so many of the decisions are made off of the mortgage lender, which does not leave the mortgage broker a lot of power. However, the mortgage lender has several responsibilities when completing the mortgage transactions.
For example, the mortgage lender has to be responsible for acquiring the money for the transaction, they have to provide the money to the title company, are responsible for the underwriting, appraisal process, and also directly lend the money.
1:38 - Click on the timestamp here about who is a mortgage broker and what do they do
The mortgage broker is a bit different from the mortgage lender. The mortgage broker is responsible for finding mortgage lenders for the clients and establishing the connection between the mortgage lender and the client. In other words, the mortgage broker kind of represents a
middleman, so not much power is given to the mortgage broker while the transaction is occurring. Remember the key concept that whoever has the money controls the transaction. In most scenarios the mortgage lender has the money, so therefore controls the majority of the transaction.
2:52 - Click the timestamp here to see how someone can be both a mortgage lender and a
mortgage broker
Now you may be a bit confused and wondering, “Well what scenario will the mortgage broker have control of and the money of the situation?”. Well the answer to your question is that in a lot of different scenarios the mortgage broker will sometimes act like the mortgage lender. An example of this would be a mortgage lender advising someone different companies and
different products that they administer in order to establish the connection with the client to other products that might help him/her out when they are doing mortgage transactions. For example the Legacy company has many different products with many different rates in order to match the criteria to fit the customer. In addition to that they also control the underwritings, timeline, and efficiencies of the mortgage transaction to provide flexibility for the client when making a decision.
And that is about it! Oh, and one more thing while you’re down here, go ahead and hit that subscribe button and turn up notifications as I release two new videos a week that you would not want to miss out on them. Stay tuned, for I will be the first to update you if there are any changes or modifications that there will be on forbearances and other changes related to COVID-19. My main goal is to help you understand how to obtain mortgage(s) to help grow your
portfolio!
Also check out our playlists that feature various topics about homebuyer’s tips that will help you grow both on a homeowner level and on a consumer/producer level. If you are seeking more information on specific topics that follow, check out our specific playlists that follow up on topics
like Down Payments, Interest Rates, and many more!
#mortgage #mortgagebroker #mortgagelender #mortgagerates #mortgageloanofficer
#mortgagetips #mortgagelending #mortgageloan #loanwithjen #mortgageadvisor
#mortgagepro
Follow Us On
Have you ever wondered what the difference was between a mortgage lender and a mortgage broker? Have you ever wondered which responsibilities a mortgage broker has and which responsibilities a mortgage lender has? Well this video is just for you! In this video I go over the simple differences on what the job of a mortgage broker and a mortgage lender is, and how they correspond in a mortgage transaction.
Stay tuned!
0:22 - Click on the timestamp to learn about mortgage lenders and what they do
Okay so there is a key main difference when it comes down identifying the differences between a mortgage lender and a mortgage broker. Let us start off with a mortgage lender. A mortgage lender is someone or an institution who basically leads the mortgage transaction. The mortgage lender tends to have the money to complete the transaction, so many of the decisions are made off of the mortgage lender, which does not leave the mortgage broker a lot of power. However, the mortgage lender has several responsibilities when completing the mortgage transactions.
For example, the mortgage lender has to be responsible for acquiring the money for the transaction, they have to provide the money to the title company, are responsible for the underwriting, appraisal process, and also directly lend the money.
1:38 - Click on the timestamp here about who is a mortgage broker and what do they do
The mortgage broker is a bit different from the mortgage lender. The mortgage broker is responsible for finding mortgage lenders for the clients and establishing the connection between the mortgage lender and the client. In other words, the mortgage broker kind of represents a
middleman, so not much power is given to the mortgage broker while the transaction is occurring. Remember the key concept that whoever has the money controls the transaction. In most scenarios the mortgage lender has the money, so therefore controls the majority of the transaction.
2:52 - Click the timestamp here to see how someone can be both a mortgage lender and a
mortgage broker
Now you may be a bit confused and wondering, “Well what scenario will the mortgage broker have control of and the money of the situation?”. Well the answer to your question is that in a lot of different scenarios the mortgage broker will sometimes act like the mortgage lender. An example of this would be a mortgage lender advising someone different companies and
different products that they administer in order to establish the connection with the client to other products that might help him/her out when they are doing mortgage transactions. For example the Legacy company has many different products with many different rates in order to match the criteria to fit the customer. In addition to that they also control the underwritings, timeline, and efficiencies of the mortgage transaction to provide flexibility for the client when making a decision.
And that is about it! Oh, and one more thing while you’re down here, go ahead and hit that subscribe button and turn up notifications as I release two new videos a week that you would not want to miss out on them. Stay tuned, for I will be the first to update you if there are any changes or modifications that there will be on forbearances and other changes related to COVID-19. My main goal is to help you understand how to obtain mortgage(s) to help grow your
portfolio!
Also check out our playlists that feature various topics about homebuyer’s tips that will help you grow both on a homeowner level and on a consumer/producer level. If you are seeking more information on specific topics that follow, check out our specific playlists that follow up on topics
like Down Payments, Interest Rates, and many more!
#mortgage #mortgagebroker #mortgagelender #mortgagerates #mortgageloanofficer
#mortgagetips #mortgagelending #mortgageloan #loanwithjen #mortgageadvisor
#mortgagepro
Follow Us On
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