Jiles Grayce
| Bio Statement |
The primary difference between the two types of lending institutions such as 1) Mortgage Broker - they originate loans with the intent of selling them to wholesale financing institutions; 2) Mortgage Banker - they are lending institutions that are huge enough to come from loans plus plan swimming pools of loans that they then offer to one of the big three lending organizations - Fannie Mae, Ginnie Mae, or Freddie Mac, and likewise jumbo loan financiers. The broker gets a lower rate from the lender and then the broker will add onto that rate his fee. An advantage of using a mortgage broker is that some of the most highly certified loan officers in the company work for mortgage brokers. |
