Banks & Credit Unions: These lending institutions hold the largest market share of household mortgages. However, banks do not always offer the most competitive rates that are available in the marketplace.
Most major banks have centralized out of state underwriting. Underwriters are the people who will give the final approval on your loan. Out of state underwriting departments can impact the timing of a successful closing. As you know, timing is key to a purchase or refinance. This helps protect you from incurring additional fees and protecting your earnest money. It could even save the offer on your dream house.
Seattle Correspondent Lenders: These lenders function like a bank without the centralized underwriting of a large lending institution. Correspondent rates are often more competitive than the bank’s rates.
Seattle Mortgage Brokers: These lenders have the opportunity to explore your financing options and acquire the most suitable mortgage that fits your needs. Brokers often offer the most competitive rates available in the marketplace.
“For home loan borrowers, competitive options lie with Loan Originators that can offer both Correspondent and Broker options and rates.”
Traditionally, banks and other lending institutions have sold their own products. However as markets for mortgages have become more competitive, the role of the mortgage broker has become more popular. In most developed mortgage markets mortgage brokers are the largest sellers of mortgage products for lenders.
Mortgage brokers exist to find a bank or a direct lender that an individual seeks with a specific loan the individual is seeking. This works because Mortgage Brokers are experts at creating loans, whereas banks are experts at funding loans.
A Seattle Mortgage Broker works as a liaison between the buyer and the lender, the loan officer typically works directly for the lender. Most states require the mortgage broker to be licensed. States regulate lending practice and licensing, but the rules vary. A mortgage broker is normally registered with the state, and personally liable (punishable by revocation or prison) for fraud for the life of a loan.
A loan officer works under the umbrella license of their current institution, typically a bank or direct lender. Both positions have legal, moral, and professional responsibilities as well as liabilities to prevent fraud and fully disclose loan terms to both consumer and lender. Additionally, agents of mortgage brokers may refer to themselves as “loan officers”.
Mortgage Brokers must also be licensed through the Nationwide Mortgage Licensing System and Registry (NMLS). The purpose of the Nationwide Mortgage Licensing System is to improve and enhance mortgage industry supervision, create a better communication from state to state, and to create consistency in licensing requirements and automate the licensing process to the greatest degree possible.
Are you considering who to hire to finance your new home? Interview a team who has a proven record of customer satisfaction from people like you.
“As Loan Officers, we listen to you and provide strategic options to meet your goals.”
Timing is key in today’s market to have your offer accepted by a seller. Closing in 15 days, local underwriting, funding ahead of closing, are all what home sellers are looking for when reviewing offers.
Do you want peace of mind knowing your earnest money is not in jeopardy? If the answer is yes, please consider our team and allow us to answer questions you may have purchasing your new home.
Our expert guidance and education will provide you with the knowledge you need when considering to purchase or refinance your home.