What's a Mortgage Banker, Broker & Direct Lender? 

As an independent Broker I'll identify lenders most likely to approve your loan. As a Mortgage Banker I'll fund your loan at closing just like any direct lender.  Unlike direct lenders limited to their own product portfolios, I have hundreds of lenders to choose from including the brand names you see throughout your community. Their account executives ask for our loan business virtually every day.  Mortgage Brokers help you find the best rate from the most competitive loan source at that moment. Mortgage Bankers fund your loan at closing just like any direct lender.

Mortgage service is not mortgage ownership.  Your mortgage MAY be serviced by the original named lender but the mortgage debt is more than likely to be bundled & sold as mortgage backed securities in the mortgage bond market regardless who originates it.  All lenders are required to disclose the percentage of loans they "sevice" and "portfolio" on the disclosures you sign BEFORE close.  

Loan Originators must pass state required civil & criminal background checks before licensing. Some bank charters don't require their loan officers to do the same.  Loan originators are required to take annual continuing education as part of their license renewal.  Ask to see a copy of any loan officers Loan Originators License before sending your private information. You can verify any Illinois Loan Originators license on the IDFPR website.

Still confused?  Let's talk! call 630-480-0876

 www.GregZaccagni.com  & www.MortgageAdvisor.info