Yes, I am a Florida Mortgage Broker as well as a Florida Mortgage Banker. A few years ago it almost became a four letter word calling someone a mortgage broker. The perception was that mortgage brokers were bad or the cause of the mortgage meltdown. This perception was generated by a lot of the big banks such as Bank of America or Wells Fargo etc who had the lobbyists in Washington.
I work for a bank, where we bank 90% of our loans. That makes us bankers. This means we close the loan in the name of our company, we fund the loan with our own money and then we sell the loan on the secondary market to other lending institutions who are prepared to service your loan for years to come. When I say service, I mean collect the payments.
The other 10% of the time,we will take advantage of brokering by placing a hard to fit loan at another financial institution who can still accomdate my customer. This brokering affords the same prices as banking, we just will have to disclose a little differently and on the closing statement you will see the yield spread premium earned by my company. On a banked loan these numbers are hidden and the whole disclosing procedure is a little different but it doesn't matter because you get exactly the same rate.
Regardless of which way your loan is processed, the service is the same and the process is the same and we aim to provide absolute red carpet treatment. When we handle your loan in house, the process is a little smoother because we are using the same channel we are familar with 90% of the time. Having these things in place makes us prepared to make you happy with the service you will receive.
Regardless if you use the terminology of mortgage broker or mortgage banker, our job is to get you the best financing that suits your borrowing profile. That means getting the lowest interest rate with the least out of pocket expense.
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