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Broker vs Direct Lender

What is the difference between a mortgage broker and a direct lender?
Direct lenders handle the entire process from origination to funding; they make the approval decision on each loan and are the actual source for the funds. Because they control the process, direct lenders generally don't compete as agressively for your business as you would find in the Secondary Market. By using a direct lender, you can pay thousands of dollars more over the life of your loan than you would if your loan was taken to the lender with the best rate.

A mortgage broker does business with hundreds of banks and finds you the bank with the best rate. Mortgage Brokers look for Banks that need to move their money and pass those savings on to you. There is no additional cost to use a Broker and your loan is usually being underwritten with the Wholesale Bank within 24hrs from receipt of all necessary paperwork. Don't get caught with an understaffed Direct Lender who can't handle the large surges in volume. Brokers know which Banks are delivering on time and avoid the ones that get back logged.

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