Florida Mortgage Blog

The difference between mortgage banking and mortgage brokering

January 12th, 2017 10:03 PM by Preston Ware

I have just made the transition from mortgage banking for the last 5+ years , back to mortgage brokering and I like the move. I think it is exciting and good and I am happy to say that I think it is good.

There is not much difference in products and pricing except for a few niches but primarily the difference between the two is the ability to give the customer the easy, friendly service.

So far, I see the process a little simpler on the brokering side with less items needed for underwriting. The process seems to have less hurdles because the philosophy is to give a conditional approval asap whereas my old mind set was that I would get that in 30 days. Since the source will ultimately service the loan, they can be a little more lenient then say a banker who has to sell the loan after closing.

Today I received a very nice conditional approval, after my customer signed on line initial disclosures just Tuesday. (Today is Thursday.)

I am subject to clear title, a good appraisal a better ID and two other conditions.

Not bad, I would say,

Amazing!


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